Aug. 20 – Following Government Decree 87/2010/ND-CP, Vietnam will exempt export and import express packages from tax beginning October 1.
The decree will also waive tax on imported raw materials or appliances for specific investment sectors or those not made in the country five years after production date. Continue reading
Aug. 18 – Vietnam’s currency, the dong, dropped a further 1.1 percent to VND19,320 against the U.S. dollar from VND19,425 earlier as part of government efforts to rally economic growth and increase exports, said economists.
Yesterday, the central bank let the dong’s daily reference rate slip by 2 percent to VND18,932 per dollar. “The main reason for the central bank’s move is to balance onshore foreign-exchange demand-and-supply and to support exporters,” said Prakriti Sofat, a Singapore-based economist at Barclays Capital. “Vietnam largely exports low value- added goods and typically competes on prices.” Continue reading
Aug. 16 – Beginning August 22, Vietnam Customs will group imports under four categories following Decision 1807/QĐ-TCHQ.
Authorities will include documents, trade vouchers, goods enjoying exemption preferences, and duty-free treatment in the first category while the second category will include taxable imports worth up to VND1 million in registration value. These categories will not be required to undergo a customs check. Continue reading
Aug. 13 – The Vietnamese government plans on spending VND16 billion to push border trade promotion programs, says the deputy director of the Ministry of Industry and Trade’s Mountainous Area Trade Department.
The agency will be responsible for managing the campaign and allotting the funds. “This is the first time money has been poured in trade promotion in border areas, so we have carefully scrutinized the programs,” said Nguyen Van Hoi adding that the money would be divided among six trade promotion programs.
Of the money, an estimated VND4.5 billion will be set aside just for improving agricultural exports at the China border gates located in northern Lang Son and Lao Cai Province. Moreover, VND3 billion will be used to develop capacity building for agricultural export businesses dealing with Chinese trade by making training courses on law, certification of origin, payment, contracts and technology available. Continue reading
Aug. 12 – Vietnam has introduced a new online warning system that will help local companies avoid anti-dumping cases being filed against their products.
The web site, www.earlywarning.vn, was funded by the Global Competitiveness Facility based in Denmark. Vietnamese exporters have been struggling with anti-dumping lawsuits against their products from the the United States and the European Union. Continue reading
Aug. 5 – As an indication of improving trade in Vietnam, freight transportation from January to July rose by 11.8 percent to 402.5 million tons.
According to a report found on the web site of the General Statistics Office of Vietnam, freight transportation by road increased 12.4 percent to 299.6 million tons and cargo transportation by river rose 5 percent to 67.9 million tons during the same period. Continue reading
Aug. 4 – The government has just approved development plans for the Cau Treo Border Gate Economic Zone in central Vietnam’s Ha Tinh Province that will last until 2025.
In February, the zone was allowed to exempt goods from import tariffs – specifically materials, equipment and unfinished products imported for production and installation in the area. The tax exemption is valid for five years beginning March. Development plans for the zone will involve dividing it into specialized areas that include urban, residential, industrial, farming, tourist sites, ecological parks, and sporting facilities. Continue reading
Aug. 3 – Electronic customs declaration and clearance is now available for trade passing by the Lao Cai border gate beginning August 1.
The province is the eleventh one to adopt the process for trading goods.This will make it easier for companies selling goods to China via the Lao Cai border to easily declare customs procedures and have the option to pay fees on a monthly or per customs declaration form basis.
Lao Cai Province’s main economic activities include agriculture and forestry. It is trying to attract more foreign direct investment in the area while developing cross-border trade with China and ecotourism. Continue reading
Jul. 16 – Goods exported from Vietnam are incurring higher fees compared to exports coming from other Asian countries despite similar sea routes and destination points, says shipping industry experts and exporters in Vietnam.
Only export goods bound for the United States shipping from the new Cai Mep deepwater port can offer competitively lower rates. A 20 foot container of goods from Danang is charged US$300-US$400 higher compared to ports in Thailand. Continue reading
Jul. 15 – The plan to fully develop the Dong Dang Border Gate Economic Zone located in Lang Son Province in northern Vietnam by 2030 has been approved.
The zone will span 39,400 hectares including a 1,350 hectare non-tariff area plus a tariff area, preservation area, security area and other export facilities. Dong Dang is ideally situated along the Vietnamese-Chinese border to take advantage of improving trade with China and developing the northern region. The area has been an important trade route for goods entering the Guangxi Zhuang Autonomous Region in China through Pingxiang.
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