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N1/2017 APRIL

www.icham.org

The Annual Area Meeting of the Italian Chambers of Commerce in Asia and South Africa (P.12&13) HOMI MILAN 2017: Focus on new trends of lifestyle (P.6)

ICHAM Annual General Meeting 2017 (P.9) Industry Spotlight: Vietnam’s Beverage Market (P.19)


IN THIS ISSUE News

Market Info

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Industry Spotlight: Vietnam’s Beverage Market

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Introduction to Personal Income Tax in Vietnam

Meetings between Vietnamese and Italian building materials companies in Bergamo

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Conference: EU-Vietnam free trade agreement, industrial investment opportunities in Vietnam

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Drafting contracts with Italian and European partners: Fixing common mistakes

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Lunar New Year Celebration at HCMC People's Committee

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HOMI MILAN 2017: Focus on new trends of lifestyle

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Meetings with Italian partners

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ICHAM Annual General Meeting 2017

10 ICHAM supports EVBN’s F&B Trade mission 2017 11 ICHAM chairman met with students of USSH’s Italian Department 12 The Annual Area Meeting of the Italian Chambers of Commerce in Asia and South Africa (Hanoi 2-4 April 2017)


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Meetings between Vietnamese and Italian building materials companies in Bergamo

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ithin the framework of cooperation between the Italian Chamber of Commerce in Vietnam and Bergamo Chamber of Commerce, we are undertaking acivities to support commercial exchanges between Vietnamese and Italian enterprises, in particular between Vietnamese enterprises and enterprises from Lombardia. From Dec 5th 2016 to Dec 7th 2016, Bergamo

Chamber of Commerce welcomed companies from Peru, Mexico, Texas (US), Canada, Vietnam, Singapore, Germany and France to meet manufactures of marble and stone-made products. In this project, ICHAM looked for Vietnamese companies which matched the program requirement and currently are in need for cooperation with Italian counterparts in this field.

Conference: EU-Vietnam free trade agreement, industrial investment opportunities in Vietnam

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n December 20th, 2016, Executive Director of ICHAM - Pham Hoang Hai participated in the conference: EU-Vietnam free trade agreement, industrial investment opportunities in Vietnam. The conference was held by Vietnam Trade Promotion Agency, Ministry of Industry And Trade and MUTRAP (Trade and European Trade Policy And Investment Support Project).


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Drafting contracts with Italian and European partners:

Fixing common mistakes

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n December 28th 2016, the Italian Chamber of Commerce in Vietnam and the International Law Firm dMTV jointly organized the seminar “Drafting contracts with Italian and European partners: fixing common mistakes� at Le Meridien Hotel, Ho Chi Minh City. The guests invited to the seminar were Vietnamese companies operating in the field of Import Export which are currently working with European counterparts. The Guest Speaker was the representative of dMTV – Dr. Federico Vasoli. He is a legal expert in different practical areas, including International and Domestic Contract, Company and Commercial, Automotive, Antitrust and Competition, Debt recovery, Intellectual Property Rights, Dispute Resolution. With many years of experience working with Vietnamese and foreign companies, Dr. Vasoli explained the common mistakes often made in the process of drafting commercial contracts with Italian partners in particular and with European partners in general, and he also

gave practical solutions to solve the problems mentioned above. Participants also shared with Dr. Federico Vasoli the actual problems they are faced with and received satisfactory advice afterwards. This is the 4th in a series of seminars about Italy and Vietnam commercial links from ICHAM. The purpose is to support Vietnamese companies in their approach to their Italian and European counterparts as well as to provide them with more effective tools, in order to deepen the existing integration with regard to the EU-Vietnam Free Trade Agreement.


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Lunar New Year Celebration at HCMC People's Committee Ho Chi Minh City People’s Committee had a cordial meeting with representatives of consulates and foreign organizations to celebrate the Lunar New Year 2017. The meeting took place on January 17th at HCMC People's Committee.

ICHAM Chairman Michele D'Ercole with Chairman of HCMC People’s Committe Nguyen Thanh Phong

HOMI MILAN 2017: FOCUS ON NEW TRENDS OF LIFESTYLE

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aking place twice a year at RHO Fiera Milano, HOMI is a trade show dedicated to lifestyle and new trends for the home. This year, the first edition of HOMI was open from 27 January to 30 January 2017, presenting new trends that characterize objects for the home and accessories for individuals. In this ever changing world, HOMI takes up the challenge, offering companies a layout that is always new with areas dedicated to experimentation and a focus on trends and practices that are ever more widespread. Under the collaboration between the Italian Chamber of Commerce in Vietnam (ICHAM) and Fiera Milano, ICHAM has successfully carried out the project "Bringing Vietnamese buyers to HOMI MILANO 2017". The Vietnamese delegation led by ICHAM was comprised of three companies: PT Casa, Dong Gia and AA Studio. This was a good opportunity for Vietnamese companies to develop their business, find new product lines and look for potential partners in the future

through B2B meetings with representatives of manufacturing businesses as well as leading Italian and international designers and entities of design. In addition, the representative of ICHAM also attended the workshop "Convention International Network Fiera Milano". On this occasion, partners of Fiera Milano from all over the world met and discussed the preparation for the upcoming projects of the Group, including Tuttofood and Host.


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MEETINGS WITH ITALIAN PARTNERS On his visits to Italy from 20 to 24 February, ICHAM Executive Director Mr Pham Hoang Hai had meetings with many Italian partners in order to give advice and support them or their clients in getting access to Vietnam market.

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Vietnam day in Venice On February 20th, ICHAM in collaboration with Veneto Promozione and De Masi Taddei Vasoli law firm organized a seminar "Vietnam Day" in Venice for Italian companies of Veneto in furniture, lighting and fashion industry.

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With corporate clients of Banco Popolare Emilia Romagna

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With Rosetti Group On February 22nd in Ravenna, Icham had a meeting with Rosetti Group. Rosetti Group is a large corporation with over 90 years of experience in oil & gas industry as well as shipbuilding industry.


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With Turboden and Menz & Gasser In the morning of February 23rd in Brescia, ICHAM had a meeting with Turboden, a leading Italian company in renewable energy industry. In the afternoon of the same day in Trento, ICHAM also had a meeting with Menz & Gasser, one of the world's leading manufacturers of jams and fruits products.

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Asean day with Banca Popolare di Sondrio A seminar featuring the theme "ASEAN DAY" was organized on 24th February by Banca Popolare of Sondrio (BPS), in collaboration with the Italian Chamber of Commerce in Vietnam (ICHAM), the Thai-Italian Chamber of Commerce in Bangkok (TCC) and SACE SPA. The event was dedicated exclusively to BPS's corporate clients, in which they were informed about the opportunities for Italian enterprises in emerging markets such as Vietnam and Thailand. Main speakers of the event were ICHAM's Executive director - Mr Pham Hoang Hai and TCC's Executive director - Mr Michele Tomea. The seminar took place at the headquarter of BPS in Sondrio, along with the participation through videoconference of other 10 BPS's branches in Italy including Turin, Milan and Genoa.


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ICHAM ANNUAL GENERAL MEETING 2017

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n Tuesday 28th February 2017, the ICHAM AGM was successfully held in Hanoi (Pan Pacific) and Ho Chi Minh City (Hotel Nikko Saigon). This year, ICHAM AGM in HCMC hosted a special Opening Reception for all the participants with the honorable presence of Italian Ambassador to Vietnam, H.E. Cecilia Piccioni and Italian Consul General, H.E. Carlotta Colli. In her speech, Ms. Piccioni recognized the effort of the Chamber and its members in promoting the trade relation between Italy and Vietnam in recent years, hoping a further development in the upcoming years. After giving a brief report of ICHAM’s activities in 2016, ICHAM chairman Michele

D’Ercole proposed the new budget for ICHAM’s activities and events to be organized in 2017 for approval of ICHAM’s members. Last year, ICHAM provided a large number of business services for many companies and implemented with success various trade missions. In 2017, The Chamber will continue to carry out projects and events to support the commercial activities between Italy and Vietnam, putting more priority on its member. Also at the meeting, three new members of the Board of Directors were elected. Congratulations to Mr. Daniele Landini from Piaggio Vietnam, Ms. Elena Orrù from Hotel Nikko Saigon and Mr. Kyung Ho Bruletti from Pacorini.


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ICHAM supports EVBN’s F&B Trade mission 2017

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his year, ICHAM continued to support the third edition of FOOD AND BEVERAGE TRADE MISSION TO VIETNAM, organized by EU-Vietnam Business Network (EVBN). 29 European companies operating in Food and Beverage sector participated in the event in Hanoi and HCMC, having B2B meetings with potential Vietnamese partners and visiting points of sale to have a better look of Vietnamese market.

As Consortium partner of EVBN, this time, ICHAM supported two Italian companies: Arborea (dairy products) and Le Rughe (wine). The event took place from 28th February to 3rd March 2017 at Novotel Saigon and Melia Hanoi.


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ICHAM chairman met with students of USSH’s Italian Department

n recent years, the bilateral relations between Italy and Vietnam have been strengthened in various fields such as politics, diplomatics, trade, education, science and technology. In fact, Vietnam is currently the strategic commercial partner of Italy in ASEAN and Italy is also one of the most important partners of Vietnam in European Union. More and more Italian companies are becoming interested and choosing Vietnam as a destination for their business in Asia. The EUVietnam FTA coming into effect will also facilitate the investment of Italian enterprises in Vietnam and vice versa, and consequently the demand for Italian speaking human resource is increasing. On 11th March the Department of Italian Linguistics and Literature of University of Social Sciences and Humanities collaborated with the Consulate general of Italy in HCM to organize the seminar “Italian language in Business”. The event was held with the purpose of providing a general view of bilateral trade relations and basic knowledge of how to work with Italian companies to the students of the Department. Apart from the business promotion activities for Italian and Vietnamese companies, the Italian Chamber of Commerce in Vietnam (ICHAM) also supports the teaching activities for Italian speaking students. On behalf of the Chamber, ICHAM Chairman Michele D’Ercole took part in the event as a speaker and shared with the

students of the Department the functions of ICHAM, as well as the business culture and the communication in Italian working environment. In addition, the Seminar was honored to welcome the presence of H.E. Consul Carlotta Colli and other speakers: Mr Roberto Cajati (Vice Consul), Mr Paolo Lemma (Director of ICE Vietnam) and Ms Nadia Marinelli, Lecturer of Italian Language. This activity was a part of the series of academic seminars organized periodically by the Department, focusing on the most relating topics for Italian language students.


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The Annual Area Meeting of the Italian Chambers of Commerce in Asia and South Africa (Hanoi 2-4 April 2017)

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he Annual Area Meeting of the Italian Chambers of Commerce in Asia and South Africa 2017 was held in Hanoi from 2rd to 4th April. The event was organized by the Italian Chamber of Commerce in Vietnam, in collaboration with the Embassy of Italy in Vietnam. The Italian Chambers of Commerce abroad, or ICCA, are founded with the aim to foster the bilateral commercial relations and promote the business of their members, which are entrepreneurs and professionals both from Italy and from the host Country. There are currently 78 Italian Chambers of Commerce abroad in 54 countries under the Association of the Italian Chambers of Commerce Abroad, or “Assocamerestero”. The Italian Chamber of Commerce in Vietnam, or ICHAM, was officially recognized by the Italian Government as a member of Assocamerestero in 2013. The annual Area meeting is one of the most important events of the ICCA’s program of

activities. This year it is hosted for the first time by ICHAM, with the participaction of representatives from 11 Italian Chambers of Commerce in China, Hong Kong and Macao, India, Japan, Korea, Qatar, Singapore, South Africa, Thailand, UAE and Vietnam. On 3rd April the Presidents and Secretaries General of the ICCA had an internal meeting to discuss ongoing and upcoming activities to promote “Made in Italy” around the area. A press conference was also organized on the same day by ICHAM and the Italian Embassy at Casa Italia to introduce the Seminar "Italy Asia: Doing Business together", a special Business Forum dedicated to the promotion of Italian trade and investments in Asia in general and in Vietnam in particular. The event was held on the following working day at Hotel Melia Hanoi. At the seminar, the speakers shared with the audience information about the market trends and the business opportunities for both Italian and Vietnamese enterprises,


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offering a valuable networking opportunity for local companies to approach the Italian market as well as other Asian markets through the Italian Chambers of Commerce in the region. The seminar took place successfully, attracting a large number of participants, including 161 representatives from 110 enterprises, 18 representatives from Provinces, Agencies and Departments of Vietnam. During these two working days, the event also welcomed the presence of 39 journalists from different newspapers and TV channels. Sincere thanks to all sponsors for the seminar: Ariston Thermo Vietnam, Datalogic Scanning Vietnam, Generali Vietnam Life Insurance, UBI Banca, XUAN AN Fashion & Lifestyle, Dong Duong Building Materials, Vinhomes Serviced Residences, San Ha Foods, Canifa and Ban Me Gold. We surely could not achieve this huge success without your support.


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Y 22 MA 2017

TRANSPORT INFRASTRUCTURE OUTLOOK - VIETNAM 2017 Ho Chi Minh City

16 JUN 2017

Eurosphere 2017: The European Art of Living Exhibition Ho Chi Minh City


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MARKET INFO


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Industry Spotlight: Vietnam’s Beverage Market By Marquise Clarke

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ith a rapidly expanding middle class and massive tariff reductions from free trade agreements (FTAs) expected to come into effect in the coming years, Vietnam is poised to experience significant growth in its beverage industry. By 2020, Vietnam is projected to consume 4.5 billion liters of beer, 350 million liters of alcohol and spirits, and 8.8 billion liters of other beverages per year. Growth in the beverage sector is underpinned by the rising living standards of Vietnamese families, and the industry is generally underpenetrated in comparison to the country’s Asia-Pacific peers. Indeed, on a per capita basis, spending on packaged foods and beverages in Vietnam is still relatively low compared to its emerging market counterparts, demonstrating the significant growth potential of the market. According to Euromonitor, per capita expenditure on food and non-alcoholic beverages is projected to have reached US$276 in 2016. Future growth is expected to be driven by the continuing change in urban consumer lifestyle as they place a higher importance on convenience, safety, and health. In addition, rising consumption of branded fast-moving consumer goods (FMCG) products in rural Vietnam will drive market growth as rural consumers gradually gain better access to products backed by higher levels of disposable income.

Vietnam’s Rising Middle Class In order to understand how investors will benefit from the tariff reductions contained in the following FTAs, it is essential to consider Vietnam’s rising middle class. Historically, Vietnam has relied primarily on agriculture as a source of output, but has shifted towards a more market-oriented and manufacturingdriven economy since the initiation of the “Doi Moi” (renovation) socialist-economic reform in 1986 and since joining the World Trade Organization in 2006. These market liberalizations have helped Vietnam become one of the fastest growing economies in the region, boasting a compound annual growth rate of 7.8 percent between 2005 and 2012. The Vietnamese population has benefited from this strong economic growth, and by 2020, Vietnam’s monthly income per capita is projected to increase to VND15 million (US$714). Studies done by consultancies such as the Boston Consulting Group have projected that with this rising middle class there will not


20 only be an increase in consumer spending, but also in consumer behavior and preferences – including a greater preference for branded retail goods and foreign products. International Trade Currently, the top supply markets for beverages imported by Vietnam are varied. Three of the top 10 are from the surrounding ASEAN region (Thailand being number one, Malaysia fourth, and Cambodia tenth), while the rest come from East Asian and Western countries. It is forecasted that due to trade agreements between Vietnam and the EU, the U.S., and other ASEAN countries, along with other tariff reductions already in effect, Vietnam’s beverage market will see more increases in the coming years. The Vietnamese government has pursued several free trade agreements to promote both regional economic integration and deeper ties with Western countries through enhanced economic, trade, and investment relations. Through these agreements, the Vietnamese government hopes to raise living standards, promote economic growth and stability, create new employment opportunities, and enhance the competitiveness of companies by providing a legal framework for trade and investment relations. The EU-Vietnam Free Trade Agreement (EVFTA) It is expected that within the next eight years that there will be no tax on the import of all beverages contained in the EVFTA agreement between Vietnam and the EU. All beverage goods imported from and exported to Vietnam will be tax free for investors and consumers alike. While Vietnam has considerable trade

links with France owing in part to their colonial history, trade with other EU members in the beverage industry lags behind. The Trans-Pacific Partnership (TPP) Because the TPP is still waiting ratification, the following tariff reductions on beverages will take longer to be fully implemented. However, once put into effect, tariffs on beverages will decrease to zero percent over a period of 10-12 years. Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and the U.S. are all signatories to the TPP, the ratification of which would further widen Vietnam’s integration into the global economy. The ASEAN Free Trade Area (AFTA) The AFTA is one of the strongest trade bloc agreements within ASEAN due to its emphasis on attracting foreign direct investment into the region and promoting the creation of a single common market. The AFTA seeks to give ASEAN a competitive edge as a production base through decreasing tariffs within the region to between zero to five percent. The goals of the previous two FTAs is to reach or surpass the AFTA rates in the near future. Opportunities There are several subsectors in Vietnam’s beverage industry that provide intriguing opportunities for foreign investors and exporters looking to capitalize on the various FTAs coming into effect. Vietnam’s soft drink and fruit juice market in particular has stood out for its impressive growth in recent years. Between 2009 and 2013, Vietnam’s bottled soft drink industry grew at a rate of 19.4 percent,


21 and is projected to maintain a 14.2 percent growth rate from 2014 to 2018. Despite rapid growth, there is still significant room for further expansion. Vietnamese only consume an average of three liters of bottled soft drinks per year, compared to 50 liters per year in the Philippines. In addition to soft drinks, bottled teas, sports drinks, and milk represent growing subsectors of the beverage industry, particularly for a population that is increasingly health conscious. In 2015, Vietnamese consumers ranked health as their most important concern behind only their job and the economy. Overall, Vietnam’s non-alcoholic beverage market increased by 9 percent in 2014 to reach US$3.64 billion. There are also compelling opportunities in Vietnam’s alcoholic beverage market. While the beer market has traditionally been dominated by state-owned enterprises, the industry has been undergoing liberalization in recent years and foreign brands such as Carlsberg, Heineken, and Sapporo have been aggressive in attempting to penetrate the market. However, competition in Vietnam’s beer industry is fierce, with domestic brands commanding the low-end

segment and foreign brands competing for the rest. For other types of alcohol, wine in particular stands out as a growth sector. Among Vietnam’s young and rising middle and upper classes, foreign spirits and wines are preferred to domestic ones, both for their perceived higher quality and, more importantly, for the social status they convey. As the implementation of various tariff reduction schedules included in the already ratified EVFTA and AFTA continues and the soon to be ratified TPP will further increase access to investment, substantial opportunities exist in Vietnam’s beverage industry. With a rapidly expanding middle class, Vietnam is an increasingly intriguing investment option not just for its manufacturing advantages, but also to access the country’s emerging consumption market. However, foreign investors must grapple with stiff domestic competition and the still limited spending power of Vietnamese consumers when establishing a foothold in the market.

About Us Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email vietnam@dezshira.com or visit www.dezshira.com. Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.


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Introduction to Personal Income Tax in Vietnam By: Dezan Shira & Associates

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ietnam’s National Assembly issued the Law on Personal Income Tax (PIT) on November 21, 2007, which came into effect on January 1, 2009 and was subsequently amended in 2012 and 2014. The law in its current form applies to individuals earning income, including those doing business who were previously included under corporate income tax. According to the PIT Law, PIT is levied on the worldwide income of Vietnam residents and on Vietnam-sourced income of non-residents, irrespective of where the income is paid. The tax calculation and finalization procedure for Vietnamese locals and expatriates is the same, but different for residents and non-residents. Tax resident A tax resident is an individual satisfying one of the following conditions:

- Is staying in Vietnam for an aggregate of 183 days or more within one calendar year or a consecutive 12-month period from the first date of arrival; - Has a permanent residence that has been registered pursuant to the Law on Residence; or - Has a leased residence to stay in Vietnam where the lease contract has a term of 183 days or more within the tax assessment year. Leased residences include hotels, boarding houses, rest houses, lodgings, and working offices. If an individual stays in Vietnam for more than 90 days but fewer than 183 days in a tax year, or they can prove that they are a tax resident of another country in the 12 consecutive months following the date of arrival in Vietnam, that individual will be treated as a non-resident in Vietnam for tax purposes. If they cannot prove


23 that they are a tax resident of another country, they will be treated as a tax resident of Vietnam. Taxable income There are 10 types of earnings which are subject to PIT, as follows: - Income from business activities; - Wages received from employers; - Capital investment; - Capital transfer; - Property transfer; - Prizes; - Royalties; - Commercial franchising; - Inheritances in the forms of securities, capital contribution in companies or economic organizations, real estate, and other assets requiring the registration of ownership or use right; and - Gifts in the forms of securities, capital contribution in companies or economic

organizations, real estate, and other assets requiring the registration of ownership or use right. PIT rates for employment Resident taxpayers are subject to PIT on their worldwide employment income, irrespective of where the income is paid or earned, at progressive rates ranging from five percent to a maximum of 35 percent. Employment income includes salaries, wages, allowances and subsidies, remuneration in all forms, benefits earned for participation in business associations, boards of directors, control boards, management boards and other organizations, premiums, and bonuses in any form except those received from the State. Non-resident taxpayers are subject to PIT at a flat rate of 20 percent on their Vietnam-sourced income. Other incomes are subject to PIT with different rates for residents and non-residents.


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Profile for ICHAM Vietnam

EN - ICHAM Newsletter n.1 2017  

Some highlights: - The Annual Area Meeting of the Italian Chambers of Commerce in Asia and South Africa (Hanoi 2-4 April 2017) - HOMI MILAN...

EN - ICHAM Newsletter n.1 2017  

Some highlights: - The Annual Area Meeting of the Italian Chambers of Commerce in Asia and South Africa (Hanoi 2-4 April 2017) - HOMI MILAN...

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