Vietnam introduced urgent new regulations! Want to avoid tax, exporting from Vietnam is in trouble!

If you want to use Vietnam legally, please pay attention to meeting the new Vietnam origin policy.

According to the Vietnamese media "hanoitimes" quoted by the Vietnam Statistics Bureau, from January to July, Vietnam’s exports were US$145.13 billion, a year-on-year increase of 7.5%; imports were US$143.34 billion, a year-on-year increase of 8.3%. The total value of imports and exports in 7 months was 288.47 billion US dollars.

The United States is Vietnam’s largest export market. From January to July, exports totaled US$32.5 billion, a year-on-year increase of 25.4%; Vietnam’s exports to the EU were US$24.32 billion, a year-on-year increase of 0.4%; Vietnam’s exports to China were US$20 billion, a year-on-year increase of 0.1%.

my country is Vietnam's largest source of imports. From January to July, Vietnam imported 42 billion US dollars from China, a year-on-year increase of 16.9%. South Korea’s exports to Vietnam were US$26.6 billion, down 0.8% year-on-year; ASEAN’s exports to Vietnam were US$18.8 billion, up 5.2% year-on-year.

In order to prevent certain companies from using Vietnam to export to the United States. The Ministry of Industry and Trade of Vietnam recently issued the "Made in Vietnam" (origin) standard.

Made in Vietnam can be: agricultural products and resources originating in Vietnam; products that are finally completed in Vietnam, according to the international HS code standard, must include at least 30% of the local value-added in Vietnam. In other words, for 100% of imported raw materials overseas, 30% of added value must be added to Vietnam before they can be exported under the label made in Vietnam.

According to the example cited in the article "hanoitimes", the local Vietnamese silk brand Khaisilk labels Chinese-made silk scarves with the Made in Vietnam label and exports them overseas. Asanzo, a TV company, imported its components from China, assembled them in Vietnam, and exported them overseas in the country of origin made in Vietnam. These two companies violated Vietnam’s law of origin.

At the same time, Vietnam recently stated on the government’s official portal that it had found dozens of forged certificates of origin of products, as well as illegal transfers by some companies that tried to evade U.S. tariffs. The products involved textiles, aquatic products, agricultural products, ceramic tiles, and honey. , Iron, steel, aluminum and pressed wood, etc.

As the Sino-US trade war continues, it is expected that Vietnam’s exports to the US may continue to surge in the second half of 2019. During the same period, Vietnam will be stricter on the origin management of Made in Vietnam.

Here, we also remind the majority of Chinese foreign trade companies to pay attention! If you want to make a legal trip to Vietnam, you must meet the New Deal of Vietnam Origin! Meet the requirement of 30% new added value! (Global Textile Network)