With an annual GDP growth of more than 6% for almost 20 years, no wonder that Vietnam is ranked number one as the fastest-growing economies across the globe. With a more open economy, more and more investors have come to set up a company to engage in import export business in Vietnam.
Setting up a company in Vietnam is actually not too difficult. The great challenge comes when you need to navigate and have a deep understanding of Vietnamese customs procedures.
It may be daunting for many foreigners, especially when they are eager to jumpstart their import export business venture in Vietnam right away.
This article provides a guide that includes customs procedures and regulations you need to know.
Leveraging on the low manufacturing costs in Vietnam, many foreign businesses find trading to be a lucrative business in the country. Therefore, familiarising yourself with the export and import regulations in Vietnam is one of the most critical parts of doing business in Vietnam.
Exported and imported goods in Vietnam are subject to several standards for customs clearance including inspection, quality check, specifications compliance, quantity and volume verification, among others. These standards are enforced under the Vietnamese Customs Law 54/2014/QH13, which is supplemented by other guiding circulars and stipulated decrees.
Required documents for import or export goods must be submitted for customs clearance by the trading company to the customs authorities. The set of documents must include business registration certificate of the company and business code registration certificate of the imports or exports.
Some other documents that may be requested by the authorities depending on the type of imported goods:
For export, the shipment procedures are usually done within the same day. However for import, the shipment procedures are completed within 1 to 3 days, depending on the container loads. Full Container Load (FCL) often takes one day and Less Than Container Load (LCL) that often takes 3 days.
Companies can apply for priority customs treatment for the purpose of reducing customs compliance costs. With the priority customs treatment, qualified companies are entitled to several benefits that can significantly cut down the customs compliance costs and clearance times.
If your company is qualified for the priority customs treatment, you will be able to enjoy the following benefits pertaining to customs compliance and costs:
It is best to consult with a professional agency that has comprehensive knowledge and experience in the field of import export in Vietnam.
Consisting of experienced consultants, field agents and legal specialists, Cekindo can help. You will have peace of mind as you do not need to deal with the complex customs procedures and frequent changes yourself.
Our services that are related to your export and import needs include:
Get in touch with us now by filling in the form below.