New guidance on goods trading by foreign-invested enterprises
On April 22, the Ministry of Industry and Trade issued Circular 08/2013/TT-BCT. Accordingly, foreign-invested enterprises are only allowed in accordance with Investment Certificate, Business License, Retail Outlet Establishment Permit of such enterprises and relevant regulations.
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| VNA/VNS Photo |
Accordingly, foreign-invested enterprises are only allowed in accordance with Investment Certificate, Business License, Retail Outlet Establishment Permit of such enterprises and relevant regulations.
In particular, foreign-invested enterprises are allowed to carry out goods trading activities such as: Implementation of the rights of export, import, distribution; implementation of goods trading and directly related activities with export processing enterprises; establishment of retail outlets, branch for implementation of the goods trading and directly related activities; the foreign investors' contribution of capital to, and purchase of shares from, Vietnamese enterprises for implementation of the goods trading and directly related activities.
However, to implement such activities, the enterprises must comply with the conditions as specified in this Circular.
In addition, Circular 08 also provides that foreign-invested enterprises engaged in goods trading and directly related activities shall implement periodic and extraordinary reporting regimes in accordance with Vietnamese law and this Circular.
Circular 08 shall take effect on June 7, 2013 and replaces Circular 09/2007/TT-BTM and Circular 05/2008/TT-BCT. - BIZCONSULT LAW LLC
