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A China electronics manufacturer has expanded its operations to Bac Ninh Province of Vietnam
Vietnam became their top choice for expansion. However, being unfamiliar with the Vietnamese market and pressed for time, they enlisted multinational corporations (MNCs) as corporate service providers to quickly establish their finance and tax departments.
challenge
Facing tight deadlines, they needed to set up their factory in Bac Ninh Province, one of Northern Vietnam’s fastest-growing regions, where competition for labor was fierce. The constructions started in Covid-19 outbreak period, all of things were slow and conducted remotely.
solution
The MNC Corporate Service Provider proposed a co-source mobility outsourcing finance manager, led by David Nguyen. This approach involved the client hiring internal staff while collaborating with David’s team. A key staff member, fluent in Chinese, facilitated communication between the headquarters and the local team.
David and team visited client’s factory twice a month during six months for initial construction.
results
David’s team not only provided services but also guided the staff to gradually take over tasks, ensuring smooth operation post-service period. Over six months, the joint effort established and smoothly implemented the finance department, ensuring compliance with regulations regarding accounting, tax, customs, and more.
Services provided:
- Outsourced finance manager
- Nominee Chief Accountant
- Corporate income tax
- FDI Reports