HCM CITY - The Vietnamese economy is expected to grow at around 6.7 per cent this year, the fastest rate in South East Asia, according to the Institute of Chartered Accountants in England and Wales’ recent Economic Insight: South East Asia report.
Given the recent trade war between China and the US, alongside Vietnam’s recent CPTPP ratification, and the signing of the EU-Vietnam FTA, the country is steadily becoming more open to international trade and investment. Located in a strategic position for foreign companies with operations throughout Southeast Asia, Vietnam is an ideal export hub to reach other ASEAN markets.
Following the relevant customs procedures when importing or exporting goods from Vietnam is one of the most vital aspects of doing business in a country where manufacturing costs are leveraged to its favor. Goods to be imported or exported are subject to the relevant customs clearance standards, which effectively check the quality, specifications, quantity and volume of the goods. Currently, these standards are set out under Law No. 54/2014/QH13 on Customs as well as numerous implementing decrees and guiding circulars. Following the standards set by the Vietnamese government, certain imported goods are subject to inspection . For example, imported pharmaceuticals must undergo testing and also include documents detailing product use, dosage and expiration dates (written in Vietnamese), which must also be included in or on the product packaging.
The Ministry of Industry and Trade has recently issued Circular 39 prescribing the inspection and verification of origin of exports, which will take effect on December 14.
ORDER No. 15/2005/L-CTN OF JUNE 27, 2005, ON THE PROMULGATION OF LAW LAW ON IMPORT TAX AND EXPORT TAX
Decision Minister Trade No.238
HCM CITY — The World Trade Organisation (WTO) Trade Facilitation Agreement (TFA) will help micro, small- and medium-sized enterprises (MSMEs) further diversify exports and expand markets, as well as improve GDP growth in Việt Nam, experts said on June 13 at a seminar held in HCM City.
HÀ NỘI --- The Dung Quất Economic Zone (EZ) and Quảng Ngãi Industrial Parks (IPs) Authority has granted an approval in principle for Hòa Phát multipurpose port company to develop a large-scale port complex in the central province.
HÀ NỘI — Preferential export taxes offered by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are expected to be promulgated this month. However, the tax reduction is only one of the incentives for Vietnamese goods when entering markets, not a ‘lifesaver’ for businesses, said the Ministry of Industry and Trade (MoIT).
HÀ NỘI — Việt Nam exported more than 1.8 million tonnes of coffee worth US$3.54 billion in 2018, marking year-on-year rises of 20 per cent and 1.2 per cent respectively. The average export price of coffee reached $1,883 per tonne, down 15.7 per cent versus 2017.
Foreign investors considering the Vietnamese market are often drawn by its competitive costs. Vietnam’s low wages have traditionally provided these cost savings; however, the country has also quietly developed one of the most competitive tax regimes throughout Southeast Asia. Vietnam’s tax incentives are a standout feature of the tax regime and are applied to a variety of industries and projects throughout the country.