Vietnam’s MoIT Shortens Procedures for Certificate of Origin
Apr. 26 – On March 21, 2011, the Vietnamese Ministry of Industry and Trade (MoIT) issued a circular regulating the issuance of the certificate of origin (C/O) for goods being exported.
Circular 06/2011TT-BCT will come into effect on May 4, 2011 de facto replacing former circulars concerning the C/O. The main progress of this circular is the shortening of the C/O issuance procedure, starting from the reception of the carefully completed dossier, from the current three working days to only four working hours for air shipments and eight for sea and road shipments.
This will not be applicable for companies which have violated the rules concerning the origin of goods in the past six months. In this case, the applicant should expect its C/O within three working days as before the circular.
C/O applications can be submitted either by using the traditional method or via the internet. It should be noted that online submissions will be considered as having priority.
Dezan Shira & Associates is boutique professional services firm providing foreign direct investment business advisory, tax, accounting, payroll and due diligence services for multinational clients in Vietnam. To contact the firm, please email email@example.com, visit www.dezshira.com, or download the firm’s brochure here.
Tax and Foreign Exchange Control
Tax finalization is compulsory for foreign invested enterprises in Vietnam, so we look a little deeper into the procedures for corporate income tax and personal income tax, including documentation, deductible expenses, carrying losses forward, and allocation between headquarters and subsidiaries.