By Dezan Shira & Associates
Editor: Anais Robin
For those interested in the import or exportation of goods from Vietnam, careful due diligence is critical in ensuring that business can be carried out in a seamless fashion. Regulations as well as restrictions can play a significant role in trade, and all those with cross boarder operations should keep close watch on regulatory developments.
The following article provides an overview of current import and export bans that are in force within Vietnam.
Passed on November 20th of 2013, Decree No.187/2013/ND-CP provides the most up to date guidance on import and export restrictions effective in Vietnam. This latest guidance replaces Decree No. 12/2006/ND-CP in detailing provisions for implementation of the Commercial Law regarding:
- The purchase and sale of international goods, and
- The processing and transit activities of goods destined for the Vietnamese market.
The main objective of this latest guidance is to overhaul existing restrictions to bring Vietnam into line with its obligations to the World Trade Organization (WTO) – of which Vietnam became a member in 2007.
In addition to convergence with the WTO, revised restrictions also act to further position Vietnam for success in the face of its increasing integration into global trade via regional and bilateral trade agreements.
Goods facing restrictions
The following goods are currently prohibited from being purchased and imported or exported from Vietnam. This list applies to the export and import of commercial and non-commercial goods; export and import of goods at border areas; Governmental and non- Governmental aid goods.
Optimizing Cross Boarder Operations
In specific instances, exports and imports of goods, as mentioned in the above list, are subject to the permission of the Prime Minister. In these cases, the Vietnamese Prime Minister can permit the exportation or importation of goods that are widely prohibited from trade by Decree No.187/2013/ND-CP.
In other situations – concerning the importation of goods for scientific research or humanitarian aid – the Prime Minister won’t be competent and will defer decisions to Ministries and Ministerial-level bodies whom will be able to permit the import or export of prohibited goods.
Further Support from Dezan Shira & Associates
With over 23 years of experience offering specialized foreign direct investment advice throughout Asia and nationwide coverage in Vietnam through our Ho Chi Minh City and Hanoi offices, the specialists at Dezan Shira & Associates are well placed to advise foreign investors on how to navigate Vietnam’s evolving restrictions on imports . For more information, please get in touch at email@example.com.
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email firstname.lastname@example.org or visit www.dezshira.com.
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