Vietnam: Requirements lowered for preferential customs treatment

Trade & Policy

Vietnam: Requirements lowered for preferential customs treatment

From August 1, 2013, Vietnamese companies, engaged in the export and import of goods, get better preferential treatment from customs authorities. The Vietnamese Ministry of Finance has eased the export-import requirements for companies:

All companies with US$ 200 million or greater in annual trade revenue will receive fast-tracked approval from customs agents. The previous minimum requirement was a revenue of US$ 350 million.

The revenue threshold is lowered to US$ 50 million for certain enterprises engaged in the export of textiles, shoes and leather goods, agricultural commodities, fisheries, or the import of raw materials for these industries.

Enterprises certified by the Vietnamese Ministry of Science and Technology as high-tech enterprises will be prioritized with respect to their input imports, and those enterprises exporting high-tech products are exempt from any revenue hurdle.

The procedure for companies that wish to receive preferential treatment has been simplified.