Established a corporation in VietnamIn doing so, it is important to have a deep understanding of Vietnam's export and import regulations and procedures. This time, I will explain in an easy-to-understand manner the important rules that companies should be aware of before starting trade transactions in Vietnam.
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Import / Export License Procedure
In Vietnam, when we establish a trading company, we do not require import / export permit from companies. However, foreign investors must register with the Department of Planning and Investment (DPI) in order to be able to carry out import and export operations. In addition, foreign-affiliated companies and foreign investors wishing to trade in Vietnam must obtain an investment certificate.
According to Circular 34/2013 / TT-BCT, there are some products that foreign investment companies can't export or import from Vietnam, which need to be confirmed in advance. Oil banned from export from Vietnam is included. Items prohibited for import into Vietnam include cigars, cigarettes, oil, newspapers, magazines and aircraft.
Pursuant to Appendix II of Decree 187/2013 / ND-CP, certain goods must obtain an export / import license from the government.
Goods requiring import / export permit
Goods subject to export controls in accordance with international treaties to which Vietnam is a party.
Goods subject to import restrictions in accordance with an international treaty to which Vietnam is a party. Chemicals, explosive pre-substances and industrial explosives etc.
All import and export products must comply with relevant government regulations on quarantine, food safety, and quality standards, and must be inspected by the relevant government agency before passing customs.
Importers are also required to submit customs documentation, including customs declarations, in accordance with Appendix II of Circular 38/2015 / TT-BTC. Customs declarations can be submitted electronically here.
Business related to import and export
Many goods imported or exported across Vietnam's borders are subject to import and export tariffs. Exceptions to this are goods in transit, goods exported from non-tariff zones to foreign countries, goods imported from foreign countries to non-tariff zones for use only in non-tariff zones, and other non-tariff zones. Contains items that will be passed to the customs area.
Most of the goods and services exported are tax-free. Export duties (ranging from zero percent to 45 percent, calculated at free boarding (FOB) prices) are mainly charged only for natural resources such as minerals, forest products and scrap metal.
Consumer goods, especially luxury goods, are subject to high import tariffs, but the machinery, equipment, raw materials and supplies necessary for production, and items that cannot be produced domestically have low import duty rates or are exempt.
Tariff rates on imported goods include preferential tax rates, special preferential tax rates, and standard tax rates, depending on the origin of the goods.
Import / Export customs declarations are required when you register a customs declaration with Customs. The export tax must be paid within 30 days of registering the customs declaration. In the case of imported goods, the imported goods must be paid before the consumer goods are received.
Depending on the situation of trade transactions, Vietnam takes different kinds of methods to import and export goods. For more detailed information, we recommend visiting Vietnam Customs website.
Taxes applicable to imports
In Vietnam, most products imported into the country are taxed. Import tax rates vary by product type. Consumer goods and luxury goods are subject to higher tax rates, while machines, equipment, and raw materials tend to have lower tax rates or tax exemptions. Regarding imports, import tax and value added tax (VAT) are applied, and special consumption tax (SCT) is applied to certain products.
Imported goods tax rates (preferential tax rate, special preferential tax rate, and regular tax rate)
Preferential tax rate: Applies to Vietnam and the best trading partners.
Special preferential tax rate: Applied to the countries where Vietnam needs import. Currently, it is applied to ASEAN countries as a common preferential tariffs (CEPT).
Normal tax rate is: It applies to countries that do not apply preferential tax and special preferential tax rate for trade with Vietnam.
VAT VAT rates are 0-10% with 10% being the most common. Please see Circular No 83/2014 / TT-BTC for more information.
Export tax filing
In Vietnam, export tax only applies to certain goods. The tax rate is 0-45%. The export tax rate applied to exports is specified in each item of the export tariff rules, and when the tax rate is updated, the Ministry of Finance will supplement it.
Most products in Vietnam are subject to VAT, but VAT on exports is in principle zero percent.
Duty-free goods
In certain circumstances, imports and exports are tax exempt.
Export exemption
Goods temporarily imported for re-export, or goods temporarily exported for re-import.
Products that were temporarily imported under a processing contract in Vietnam and then exported to foreign countries.
Capital of equipment and facilities imported into investment projects funded by ODA.
Goods imported for petroleum activities.
Products imported for the purpose of scientific research and technological development.
At the time of tradeTax amount Calculation
It will be included in the customs declaration form including the unpaid portion of the import history and will be multiplied by the tax calculated price and the tax rate of each item.
How to calculate the tax amount
Accrued tax = Unit quantity of each item actually imported / exported × Tax calculation price × The tax rate for each item at the time of calculation.
For item items subject to absolute tax: tax payable = Unit quantity of each item item actually imported / exported x The absolute tax rate provided for each item during tax calculation.
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