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Salary calculation and payment for corporates in Vietnam in 2022

Salary and wages

 

Wage is an amount in cash or in kind that is paid to the employee by the employer based on mutually agreement (i.e. labour contract) made by the two parties.

 
Establish corporates’ salary range in Vietnam

Necessity of corporates’ salary range establishment

 

The labour code regulates that corporate needs to establish the salary range and norms. In practice, establishing salary range and norm would help corporates monitoring salary budget and costing. With an up-to-date salary range and norms, business owners would be able to track and analyse the salary movement over period of time and predict the trends for the coming periods.

 

 
New Updates of Law on Enterprises 2020

(23/09/2020)

On 17 June 2020, the National Assembly had issued Law on Enterprises No. 59/2020/QH14 (“EL 20”) replacing Law on Enterprises No. 68/2014/QH13 (“EL 14”). EL 20 is effective from 1 January 2021 with the main points as below:

1. Changing the “state enterprise” definition
2. Adding more entities prohibited from establishing and managing enterprises
 
Concerns Over ERP System and Real Solutions For ERP

17/08/2020

ERP system is a management software system which not only has a numerous effect in business, human resources, warehouse, finance ... but also helps the enterprise manage general operations, thereby saving a lot of time and increasing working efficiency.

 
Roadmap to apply the Vietnamese Financial Reporting Standards (VFRS) in alignment with IFRS

 

31/7/2020

On 16 March 2020, the Ministry of Finance issued Decision No. 345/QĐ-BTC approving a scheme to apply financial reporting standards in Vietnam. For detailed objectives and roadmaps, please click here.

 

 
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