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As one of the fastest-growing telecommunications and information technology hubs of Southeast Asia, companies look to Vietnam for business expansion today.
Brief Overview
Innovare Vietnam, a dynamic arm of the Innovare Group, empowers seamless business expansion into Vietnam’s flourishing market. Leveraging our comprehensive Employer of Record (EOR) services, we ensure your venture’s smooth adaptation to the local business environment. Our deep-rooted expertise and unwavering commitment to compliance pave the way for your success in Vietnam.
Innovare helps you navigate Vietnam’s excessive bureaucracy.
Worry-free compliance and licensing requirements for relevant sectors.
Fast-track the time-consuming setting up of business in Vietnam.
Let Innovare handle Vietnam’s cumbersome tax filings for you.
Local Expertise
In Vietnam, a written employment contract outlining key terms must be provided to new hires within three months of their start date. This contract fosters transparency by clearly defining:
The payroll cycle in Vietnam is monthly for full-time employees and is paid on the last working day or as agreed within the employment contract. Standard workweeks are 48 hours, with overtime capped at 40 hours per month. Timely tax filings are crucial, with specific deadlines for both hardcopy and electronic submissions.
Vietnam operates a progressive income tax system for residents and a flat rate for non-residents. All income derived from work performed in Vietnam is subject to taxation, regardless of payment location.
Vietnamese employees enjoy statutory leave benefits that promote work-life balance and employee satisfaction. These include:
Early termination before expiry of fixed term or indefinite term contract is not allowed unless due to grievous misconduct. Employer has to get consent from Employee with notice period to be observed. Bilateral agreement on compensation amount is required to avoid dispute. Vietnam adheres to a termination process requiring adherence to designated notice periods.
Notice Period
Severance Payment
Vietnamese labour law requires employers to pay severance to legally terminated employees who had been regularly working for the employer for 12 months or more. The severance allowance is equal to one half of one month’s wage for each year of employment. Applicable with conditions that:
Payment in lieu of notice is not allowed unless it is mutual agreement between Employer and Employee.
If Employer and Employee participated UI during the whole working period, Employer is not required to pay for Severance Allowance. Instead, Employee may claim his/her Unemployment Allowance from UI Fund provided that such claim is qualified under UI scheme. Otherwise, Employer will need to pay for such allowance or any shortfall, if applicable.
Vietnam boasts a rapidly growing economy, fueled by a young and skilled workforce, increasing domestic consumption, and a robust manufacturing sector.
Vietnam’s strategic position in Southeast Asia makes it a gateway to the region, offering access to a vast and developing market for trade and investment.
The Vietnamese government actively encourages foreign investment through competitive tax rates, the establishment of economic zones, and streamlined business registration processes.
Global Reach
Assignment details with job location, job title and description, industry, gross monthly salary, intended start date, contract duration and candidate’s information. Candidate’s information should include nationality, educational level, Updated CV and brief job description. Innovare will then provide free assessment and advice based on the Customer’s information.
No, we do not offer incorporation services in Vietnam but we can refer expert who provides such service to interested companies
After initial assessment, Customer to confirm on the eligibility of the candidate and solution chosen, and sign service contract with Innovare, Innovare will then start with onboarding process, including detailed guidelines on the procedure, preparing documents, monitoring the whole process until completed onboarding.
We will base on particular requirements from Customer to check and confirm if we are able to support or to give advices for Customer to explore.
Innovare will base on assignment details to advise on suitable type of visa and Work Permit (if any) that is suitable for candidate under the specific job requirements, complying with Vietnam law and regulations while saving cost for Client.
Standard document list required for Visa and Work Permit as following:
Additional documents may be required by Officer on case- by- case basis. We shall advise Customer and candidate in case of any issue arises during the process.
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Social Security Management
Vietnam’s social security system provides financial security for employees in retirement, disability, unemployment, and death. Mandatory contributions are made monthly by both employers and employees, based on a percentage of salary capped at a set amount.
Employer Contribution: 17.5% of salary (capped).
Employee Contribution: 8% of salary (capped).
Employee Contribution: 1.5% of salary (capped).
Employer Contribution: 1% of salary (capped).
Employee Contribution: 1% of salary (capped at regional minimum wage).
Employee Contribution: 0