RSM Vietnam taking advantage of central region recovery to expand operations

Accounting and advisory firm RSM Vietnam is building a strong footprint in the central region in particular, with its Danang office marking an impression on clients in the region after more than a year of entering the market.

RSM Danang has been proactive in approaching the economic trends as well as collaborating with local authorities to support businesses through events to update on the latest changes, such as a seminar last month on tax updates and Decree No.122/2021/ND-CP on administrative violations in the planning and investment field, in collaboration with Danang Hi-tech Park and Industrial Zones Management Authority.

And on September 16, RSM Vietnam also hosted a 2022 tax update seminar to assist enterprises, especially foreign investors in Danang, to keep updated on changes in Vietnam’s tax environment and to enable them to plan their taxes effectively. Speaking at the seminar, RSM Vietnam tax partner Le Khanh Lam said that the major changes involve a tax reform strategy to 2030 with several measures related to different types of tax.

To implement correct strategies, various decrees and circulars guiding specific regulations and how to apply them in detail are expected to be issued.

“RSM Vietnam and its Danang office will regularly update newly-issued policies, actively discuss proper treatment when working with local tax authorities, and organise more events to share and update businesses in Danang on the latest changes with practical recommendations,” Lam explained.

In conjunction with the event, RSM Vietnam proudly hosted an official introduction of the office in Danang to business and industry leaders. The office provides transfer pricing consultation services to companies in both Danang and the central region, and will help clients to achieve their long-term objectives by providing audits, tax, and other consulting services.

Lam said that despite being impacted by factors such as the Russia-Ukraine conflict, supply chain disruption, and high inflation, Vietnam is still seen as an appealing investment destination.

“A number of companies and manufacturers have established offices and facilities in Vietnam, and many others are considering or planning to invest here, partly thanks to free trade agreements and the government’s support policies,” Lam added.

Vietnam’s economy has been recovering well, with strong GDP growth in the first half of the year. There is also a positive sign for the economy in the central region, with Danang seeing an increase in the tourist arrival rate and the city regarded as a rising investment destination thanks to supporting policies crafted by local authorities.

In the first eight months of 2022, Vietnam recorded a new high with $12.8 billion worth of disbursed foreign investment, up 10.5 per cent compared to the same period in 2021, according to data from the Ministry of Planning and Investment.

A survey by Cushman & Wakefield also revealed that Vietnam was the emerging market of choice on a first- and second-place preferred basis, just ahead of India.

To successfully convert into a smart city, Danang must create a breakthrough and reinvent itself in light of the current mechanisms and policies.

The central city of Danang is expected to become more vibrant with a flow of investments from overseas Vietnamese.

Danang People’s Committee has called for investors to develop the 120-hectare Hoa Cam Industrial Park – Phase 2 with the total investment capital of $95.7 million.