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Foreigners are deemed to be resident for tax purposes if they reside in Vietnam for an aggregate of 183 days or more within 12 consecutive months since their arrival in Vietnam, although this may be substantially changed by tax treaties.
The current Law on Export and Import Duties became effective as from January 1, 2006. The Law repeals the Law on Export and Import Duties of 1993, the Laws on Amendment of and Addition to a Number of Articles of the Law on Export and Import Duties of 1993 and 1998. It unifies all regulations on duty exemption and reduction previously found in the Law on Foreign Investment, Law on Domestic Investment, Petroleum Law, Law on Science and Technology and other laws.
In the past, the role of the banking system was to fulfill the capital allocation requirements of the centrally planned state economy. As such there was no separation between commercial and state banking. The double exchange rate system has long been abolished and replaced with a single rate reflecting market forces.
Vietnam has been working hard to improve its social-economic legal system with a view to creating an environment and level-playing field conducive for the development of a market economy and in compliance with WTO rules.
As a result of a foreign policy of “being the friend of all countries,” the country has enjoyed increasing rapprochement with other countries.
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