Illustrative image (Photo: VNA) Hanoi (VNA) – The Ministry of Industry and Trade has announced amendments to the rules of origin under the ASEAN-China Free Trade Agreement (ACFTA), which will take effect on September 12. Commodities are considered having clear origins only if they are wholly produced from materials with traceable origins. Aside from the regional value content (RVC), the general rule also applies the change in tariff classification (CTC) at 4-digit, De Minimis rule, identical and interchangeable materials. Regarding processing time for tracing origin, in case certificate of origin (CO) issuing authority of exporting countries do not respond within 90 days after receiving importers’ request for confirming origin, the authority may submit documents to extend the deadline to the next 90 days. In addition to the general rule, the product specific rule (PSR) was built on the Harmonised System (HS) 2017, which added origin criteria for various goods. … [Read more...] about Ministry announces changes in rules of origin in ASEAN-China FTA
Asean china free trade agreement acfta
Recalling our commitment to fostering friendly relations, mutually beneficial cooperation and good neighbourliness between ASEAN and China, under the Joint Declaration of the Heads of State/Government of ASEAN and the People's Republic of China on Strategic Partnership for Peace and Prosperity signed on 8 October 2003 in Indonesia, and the Joint Statement of the 16th ASEAN-China Summit on the Commemoration of the 10th Anniversary of the ASEAN-China Strategic Partnership adopted on 9 October 2013 in Brunei Darussalam; Recognising that over the past fifteen years, the ASEAN-China Strategic Partnership has contributed significantly to regional peace, stability and prosperity, and expanded the broad cooperation agenda between ASEAN and China, thereby strengthening ASEAN-China relations which are among the most substantial, dynamic and mutually beneficial relationships; Recognising that ASEAN-China relations have entered into a new era with the realisation of the ASEAN … [Read more...] about ASEAN, China adopt strategic partnership vision 2030
An overview of sixth ASEAN-China Ministerial Meeting on SPS Cooperation (Source: VNA) Hanoi (VNA) – The sixth ASEAN-China Ministerial Meeting on Quality Supervision, Inspection, and Quarantine (SPS) Cooperation was held in Hanoi on October 12. The meeting is held biennially to intensify dialogue and cooperation on SPS and boost the trading of agricultural products between the Association of Southeast Asian Nations (ASEAN) and China. Vietnamese Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that over the past three decades, the bilateral partnership has been expanded to numerous fields, in which the SPS cooperation plays an important role with many activities being implemented to facilitate the flow and trading of agricultural products between the two sides. Last year, ASEAN-China trade made a record high of nearly 515 billion USD, with food and farm produce being an important contributor. Since the ASEAN-China Free Trade Area (ACFTA) was formed in … [Read more...] about ASEAN, China intensify cooperation in food safety, quarantine
Wood furniture firms advised to optimise domestic materials The world’s wooden interior décor market is predicted to grow 3.5 percent in 2018 and continue expanding, bringing chances for Vietnamese businesses to raise exports of the products. If Vietnamese businesses optimise the material sources they have and make the best use of trade promotion activities, their export earnings can surpass 8 billion USD. According to Huynh Van Hanh, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City, in the past 15 years, the wood industry has maintained the growth rate of 8-15 percent a year despite world economic fluctuation. The biggest issue of the wood processing enterprises in Vietnam is they are focusing on a market section with low added value, mostly concentrating on outsourcing for foreign clients. To further develop the domestic wood sector, the businesses should pay attention to a higher target of selling abroad the whole space of high-end … [Read more...] about BUSINESS IN BRIEF 14/6
Vietnam probes MSG importsTran Thu By Tran Thu - The Saigon Times Daily HCMC – The Ministry of Industry and Trade has decided to launch an investigation into monosodium glutamate (MSG) imports months after Vedan Vietnam Co. proposed a safeguard duty on the flavor enhancer. On June 9, the ministry’s Vietnam Competition Authority (VCA) received a petition from Vedan for a safeguard measure against MSG imports. In 2012-2014, MSG imports rocketed, especially from the world’s leading producing countries like China, Thailand and India, according to Vedan Vietnam. The authority said MSG imports grew 100% in 2012 compared to the previous year, 172% in 2013 and 441% last year, but did not give specific volumes. The amount of MSG imported from China made up 76% of the total. According to Vedan’s request, after the U.S. and European countries imposed anti-dumping duties of 8.3-8.32% and 33.8-39.7% respectively on MSG products imported from China in 2013, China started to … [Read more...] about Vietnam probes MSG imports
Workers pile up rice pallets at the Kien Giang Import and Export Company Limited in Kien Giang Province before shipments to regional markets. (Photo: VNA) Hanoi (VNS/VNA) - As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 percent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 percent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing 213.8 billion USD to the year’s turnover of 408 billion USD, per the MoIT’s data. Hai was … [Read more...] about FTAs: boon or bane for businesses?
As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 per cent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 per cent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing US$213.8 billion to the year’s turnover of $408 billion, per the MoIT’s data. Hai was optimistic that Vietnamese businesses will benefit more from bilateral and multilateral FTAs with partner countries such as Hong Kong, Japan and the Republic of Korea (RoK). … [Read more...] about VN’s FTAs: Boon or Bane?
Vietnam is currently performing its guarantee of preferential import tax in the framework of ten Free Trade Agreements including ASEAN, ASEAN-China Free Trade Area (ACFTA), ASEAN – South Korea, ASEAN – Japan, ASEAN – India, ASEAN – Australia – New Zealand, the Vietnam- Japan Economic Partnership Agreement (VJEPA), the Free Trade Agreement between Vietnam and Korea (VKFTA), Vietnam – Chile and the Free Trade Agreement between the Eurasian Economic Union and Vietnam (VN – EAEU FTA).On promulgating tariffs of VN – EAEU FTA, 5,535 tariff lines have being reduced to zero percent by 2018 and around 3,720 tariff lines are being cut off to zero percent in 2018 such us milk, dairy products, automobiles and auto parts, iron & steel and steel products …On the ACFTS decree, the number of tariff lines being reduced from five percent, ten percent to zero percent in 2018 includes chicken recipes, coffee, raw tea, processed food, apparel … [Read more...] about Import tax reduces to zero percent
The finance ministry has announced 10 draft decrees that will guide implementation of as many free trade agreements (FTAs), drawing a roadmap to zero per cent import tariffs for many goods.The road map, beginning this year, will extend until 2022 for several goods and commodities for which the tariffs will undergo a gradual progression.The ministry said at a meeting held in Ha Noi yesterday that the 10 draft decrees on Viet Nam’s special preferential import tariffs have to do with: the ASEAN Free Trade Area; FTAs between ASEAN with Japan, India, Australia – New Zealand, the Republic of Korea (RoK) and China; and between Viet Nam and the RoK, Japan, Chile and Eurasian Economic Union.The new decrees make “appropriate updates” to the Government’s Resolution No109/2016/NQ-CP and the list of ASEAN Harmonised Tariff version 2017 (AHTN 2017) issued in 2016.They also aim to ensure stability in the application of special preferential import tariffs, said Pham Tuan … [Read more...] about Ten new decrees to guide FTA tariff cuts