Expat Advice: Financial Issues in Ho Chi Minh, Vietnam

What is the name of the city or town that you are reporting on?

Ho Chi Minh

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Better make sure you have enough money when traveling in around Vietnam not a place to be without. Travelers checks good enough.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

The laws and regulations for Foreign Direct Investments (FDI)in Vietnam is quite ironed out neatly by the Ministry of Planning and Investment but make sure you're a millionaire dollar-man. I've had it up to my neck here trying to get out lost everything here got my baby and baby at least.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Get a good accountant/auditor. Quite cheap here if you can keep up, all depends on what type of business one get involved and how much the investment capital be targeted carefully prior to injecting any funds into Vietnam. Read and read will not help much as it always the opposite unless again you're a million dollar-man and have money to flash about then come here.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

Grant Thornton I presume be the best if I opt, few locals but not advisable let alone feasible. Foreign Auditors like GT is very expensive due to low knowledge and lack of efficiencies of knowledge here and shortages.

What advice could you offer others about doing your taxes as an expat?

I would not introduce nor advise any expat to take on tax/auditing works unless fully certified.