Complicated procedures in VN drive startups to SingaporeMore and more Vietnamese firms, especially technology startups, are registering their businesses in Singapore to avoid complicated administrative procedures in Vietnam. Vietnamese firms like to ‘copy’ the business model of Google and Facebook. To approach customers, they also have to spend money to buy ads on Google and pay 10 percent of contractor tax. Google and Facebook offices in Singapore provide services throughout the region.Though earning big money in Vietnam, the two giants don’t have to pay taxes to Vietnam. This means that for every 1 million dollars worth of revenue, they have to pay $200,000 for VAT and contractor tax.Meanwhile, foreign companies, when providing services in Vietnam, don’t have to pay the taxes.

Source: VietNamNet News July 27, 2016 03:00 UTC