It’s time for Việt Nam to raise measures to push back the influx of cheap imported goods, which is becoming a critical issue for domestic production, say experts
Reduced revenue from removing taxes on imported goods - in accordance with various free trade agreements (FTA) that Viet Nam has signed - is unlikely to affect state revenue.
The Ministry of Industry and Trade (MoIT) has instructed enterprises to review contracts and legal documents to ensure imported goods do not violate Viet Nam’s sovereignty and territory with false images.
Commercial banks will no longer allow the provision of mid- and long-term foreign currency loans for offshore payments of imported goods and services from September 30 this year.
The trade deficit will be a big challenge for the economy this year due to tax incentives the lower the price of imported goods on the Vietnamese market.
Customs inspections paperwork will be reduced, while procedures and services will be improved to aid firms’ operational activities, experts said during a November 9 conference in HCM City.
Deputy Prime Minister Vuong Dinh Hue has agreed with the Ministry of Finance’s proposal to exempt tax on imported goods of Emirates Airline, vietnamplus.vn reports.
Many goods imported from the Republic of Korea (RoK) into Viet Nam will be exempted from import taxes in 2018, due to the Viet Nam-Korea Free Trade Agreement (VKFTA).
Labels must be displayed directly on goods or their commercial packaging in easy-to-spot positions, clearly and fully showing compulsory information about the item.
From February 5, enterprises can negotiate and reach agreements with
tax authorities over the taxable prices of their goods or services,
according to a newly-released circular by the Finance Ministry on the
implementation of the Advance Pricing Agreement.