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STATE BANK WORKS TO MAINTAIN STABLE INTEREST RATES

The State Bank of Vietnam SBV will work to maintain interest rate stability enabling firms to access credit for their production and business SBV Governor Le Minh Hung has said.

According to the central bank, outstanding loans for production and business activities made up about 80% of total in the banking system in the first quarter of 2017.

Currently, common lending rates for priority fields range from 6% to 7% per year for short term, and 9%-10% for medium and long terms.

For ordinary loans, the rates were 6.8%-9% for short term and 9.3%-11% for medium and long terms. For good clients, short-term loan interest rates are 4%-5% per annum.

state bank works to maintain stable interest rates

Chairman of the Vietnam Construction Pottery Association Dinh Quang Huy said the Government and banks have adopted a number of preferential credit policies to help enterprises develop.

As a result, many companies have stabilised operations, addressed capital shortages and avoided dependence on black credit, he said.

Numerous banks have supported businesses, following Government directions and the SBV request to save expenses and reduce interest rates.

For example, the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has applied preferential interest rates from now to November 30, 2017.

The interest rates for short-term business production were reduced from 8.2% to 7.4% per year for nine-month loans, and 7.7% instead of 8.5% for 12-month loans.

Meanwhile, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) currently maintains the lowest lending rate of 6.5% per annum for some sectors.

In the middle of February 2017, the currency market saw a number of commercial banks adjusting deposit rates, which fueled business concerns of rising interest rates.

However, the SBV Monetary Policy Department explained that the increases were insignificant a temporary measure from several small joint stock commercial banks.

Large State commercial banks will keep interest rates stable, the department said.

In a recent meeting between SBV Deputy Governor Nguyen Thi Hong and commercial banks, participants confirmed that there is no pressure on interest rates.

State banks like Vietcombank, VietinBank, BIDV, and Agribank have applied no interest rate adjustment since the end of 2016.

The US Federal Reserve’s move to further increase interest rates from now to 2018 could cause the US dollar to rise, exerting pressure on domestic inflation and the exchange rate.

To manage this, the SBV will devise measures to mitigate the impacts of domestic and international pressure on its monetary policies while striving to keep interest rates stable.

Source: VNA

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280 TRILLION VND FOR IMPORTING GOODS FROM CHINA

VCN- According to the latest information of the General Department of Vietnam Customs, by the end of the first quarter of 2017, the total value of imports from China reached nearly $US 12.7 billion, equivalent to about 280 trillion vnd, an increase of 19.5% compared to the same period in 2016.

280 trillion vnd for importing goods from china
280 trillion vnd for importing goods from China.

The uptrend

This is a very notable news, as imports from China appear to be slow in 2016 after years of strong gains. In 2016, Vietnam even spent $US 49.929 billion to import goods from China, but this figure only increased by $US 431 million compared to 2015.

However, in the first 3 months of 2017, imports from China have shown signs of recovery.

The latest statistics from the General Department of Vietnam Customs showed that in March 2017, Vietnam spent $US 5.072 billion importing goods from China. The turnover of imports this month from China was even much bigger than the total turnover of imports from Japan – the third largest market in our country in the first quarter of 2017 (in the first quarter of 2017, Vietnam only imported goods from Japan with a turnover of $US 3.709 billion).

Only in the first quarter of 2017, there were 5 commodity groups of imports from China with a turnover of $US 1 billion or more. The leading commodity group included machinery, equipment, tools and spare parts with a turnover of $US 2.526 billion, followed by telephone and accessories with a turnover of $US 1.609 billion; computers, electronic products and components with a turnover of $US 1.582 billion; fabrics with a turnover of $US 1.197 billion; and iron and steel with a turnover of $US 1.176 billion.

Notably, out of the 5 commodity groups of imports with a turnover of “billions of dollars” from China mentioned above, there were 4 commodity groups of imports from China maintaining the leading position in the Vietnamese market (except for imported computers and electronic products from Korea at No. 1).

In particular, imported telephone and accessories from China accounted for nearly 55% of the total import turnover of Vietnam; imported fabrics from China accounted for 51% of the total import turnover of Vietnam; imported iron and steel from China accounted for nearly 50% of the total import turnover of Vietnam; imported machinery, equipment, tools and spare parts accounted for 31.3% of the total import turnover of Vietnam.

With a total import turnover of nearly $US 12.7 billion in the first quarter of 2017, imports from China accounted for 27.3% of the total import turnover of Vietnam at the same time.

China takes advantage of opportunities

Regarding an increase in imports from China, on 17th April 2017, a reporter of the Customs Newspaper exchanged with Assoc. Prof. Pham Tat Thang – the senior researcher (the Ministry of Industry and Trade) who knows very clearly about foreign trade relations between Vietnam and China.

Assoc. Prof. Pham Tat Thang said that the problem of imports and trade deficit from China had existed for many years with controversial analysis. But in fact, import activities and trade deficit from China are still rising and there is no sign of stopping.

Regarding this issue, Assoc. Prof. Pham Tat Thang said that there were 2 main reasons.

The first reason is that China has taken advantage of opportunities from the ASEAN – China Free Trade Agreement (ACFTA) and the Vietnam-China Border Trade Agreement.

The second reason is that there has been an increase in imports from China with a large number of investment projects in Vietnam implemented by Chinese contractors. Through these projects, Chinese contractors imported a large amount of machinery, materials, and equipment from China to produce in Vietnam.

“Therefore, if there is no breakthrough in management solution, especially the management of investment projects, the control of import activities and the trade deficit from China will be very difficult”, Assoc. Prof. Pham Tat Thang said.

In addition to analyzing the causes of massive imports from China, which led to a large trade deficit, Mr. Pham Tat Thang also said that Vietnamese authorities should have solutions for these problems and further promote Vietnam’s exports to China.

Assoc. Prof. Pham Tat Thang stated: In fact, Vietnamese goods have not penetrated into the Chinese market and have not been able to access large distribution channels through the main roads. The export activities mainly occur through cross-border trade, which is regulated by China. For example, from early 2017 to date, China has restricted imports through Quang Ninh, Lang Son and changed to promote import-export through Lao Cai, Cao Bang and we have to depend on China. Therefore, this weakness should be solved soon.

By Thai Binh/ Hoang Anh

Source: http://customsnews.vn/

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THE MAIN EXPORT COMMODITIES IN Q1/2017

VNC – According to the General Department of Customs, export turnover of 10 largest commodities in the first quarter 2017 reached nearly $US 31.76 billion, accounting for 71.1% of the country’s total export turnover. In which, telephones and accessories were the largest commodities, yet decreased by 6.1% over the same period last year, while most of the top 10 commodities achieved positive growth.

the main export commodities in q12017

10 largest export commodities in the first quarter of 2017 compared with the same period of 2016

Telephones and accessories: Exports of telephones and accessories reached $US 3.09 billion in March 2016, an increase of 31% over the previous month, bringing the export value of this commodity to $US 7.77 billion in the first quarter 2017, down to 6.1% over the same period in 2016.

The main importers of Vietnamese telephones and accessories in the past three months include: the EU with $US 2.38 billion, down nearly 6.1% and occupying 30.6% of the country’s total export value in this commodity groups. Followed by the United Arab Emirates: nearly $US 901 million, down 19.9%; South Korea: $US 755 million, up 32.8%; United States: $US 620 million, down 43% … over the same period in 2016.

Textile and garment: Export value reached $US 2.1 billion, up sharply from 51.6% over the previous month, thereby raising the export value of this commodity group in the first three months 2017 to $US 5.62 billion, an increase of 10 % over the same period in 2016.

In the past three months, textile and garment exports turnover to the US market reached $US 2.72 billion, up 8.1%; to the EU reached $US 733 million, up 6.6%; to Japan reached $US 715 million, up 12.4% and to Korea: 617 $US million, up 17.1% over the same period in 2016.

Computers, electronic products, and components: Exports of computers, electronic products and components reached the highest level so far in March 2017 with a turnover of $US 2.19 billion, up 27, 5% over the previous month. As a result, the total export turnover of this group of three months increased to $US 5.52 billion, a 47.8% increase compared to the same period of 2016.

China remains the largest Vietnamese importer of this commodity group in the past three months with turnover reaching $US 1.37 billion, rising by 123.5%; followed by the EU: $US 1.04 billion, up 12.3%. Exports to these two markets accounted for 44% of country’s total exports of computers, electronic products, and components

Footwear: Exports of this group in this month reached over $US 1.09 billion, up 26.6% over the previous month. Hence, export turnover of this commodity group in the first quarter 2017 reached nearly $US 3.12 billion, up 11.9% over the previous month.

The import markets of footwears in Vietnam in the first quarter 2017 mainly include the US market with $US 1.07 billion, up 13.3% over the same period last year; EU market (28 countries) reached $US 988 million, up 9.9%; China market reached $US 240 million, up 28.5%;

Machinery, equipment, tools and other spare parts: Export turnover reached nearly US$ 1.13 billion in the month, up 24.3% over the previous month, bringing the export turnover to nearly $US2.91 billion in this quarter, up 37.5% over the same period last year.

The import markets of machinery, equipment and other spare parts of Vietnam in the first quarter 2017 mainly include the US market with $US 602 million, up 26.7%; Japan market reached $US 402 million, up 14.5%; China market is $US 370 million, up 85.6%;

Agricultural products (including vegetables, cashew nuts, coffee, tea, pepper, rice, cassava and cassava products): Agricultural exports reached $US 1.59 billion in March 2017, bringing the export turnover to $US 3.94 billion in this quarter, up 15.3% over the same period last year.

Import markets of Vietnam’s agricultural products in the first quarter of 2017 mainly include: China market with $US 1.47 billion, up 27.6% over the same period last year; EU market (28 countries) with $US 748 million, up 24.8%; US market with $US 457 million, up 23.5%; ASEAN market with $US 371 million, down 17.5%; Japan market with $US 92 million, up 17%; Korea market with $US 86 million, up 52%;

Exports of fruits and vegetables in this month reached $US 280 million, up 49.5% over the previous month, bringing the export turnover reached $US 701 million in the first quarter 2017, up 29.8% over the same period last year.

Cashew nut export in this month achieved strong growth in both volume and value, with 24 thousand tons worth $US 230 million, up 80.1% in volume and 88% in value over the previous month. Thereby, export turnover of this commodity group reached 56 thousand tons in the first quarter 2017, valued at $US 515 million, down 4.6% in volume, yet up 16.9% in value.

Coffee export reached 168 thousand tons in the month, worth $ 382 million; Increased 14.8% in volume and 15.1% in value, bringing the export turnover in 3 months 2017 reached 454 thousand tons, worth nearly $US 1.03 billion, down 4.3% in volume, yet 27.5% in value over the same period last year.

Rice export in this month reached 551 thousand tons, worth US$ 251 million, up 38.8% in volume and 47.2% in value over the previous month, thereby bringing the rice export turnover in first 3 months 2017 reached 1 29 million tons worth $US 565 million, down 17.5% in volume and 17.3% in value over the same period last year.

Rubber exports in this month were 66 thousand tons, worth $US 138 million, down 26.8% in volume and 27.9% in value, bringing the export turnover in the first quarter of this commodity group reached 250 thousand tons, worth $US 511 million, up 6.7% in volume, up 90.7% in value over the same period last year.

Seafood products: Vietnam’s seafood exports reached $US 603 million in March 2017, up 41.6% over the previous month, thereby bringing the total export turnover of these commodities to $US 1.51 billion in the first 3 months 2017, up 7.9% over the same period last year. By the end of March, Vietnam’s seafood exports grew in most main markets except the US. Specifically, exports to Japan: $US 253 million, up 29.3%; United States: $US 251 million, down 14.4%, to the European Union (EU): $US 249 million, up 2.3%; China: $US 144 million, up 20.9% and South Korea $US 141 million, up 26.4%…

Crude Oil: The volume of crude oil export was 470 thousand tons in this month, down 11.8%, worth $US 181 million, down 18.3% from the previous month. By the end of March 2017, the country’s crude oil exports reached 1.52 million tons, down 16.2% and $US 637 million, up 27.1% over the same period last year.

The crude oil of Vietnam is mainly exported to China: 704 thousand tons, down 39.8%; to Japan: 237 thousand tons, up 206.9%; to Singapore: 193 thousand tons (there is not any crude oil exported to this country by the same period in 2016)
Coal: Vietnam’s coal exports reached 194 thousand tons in March 2017, up 45.2% over the previous month, worth $US 30 million, up 31.8%. In the first three months of 2017, the amount of coal exported was 401 thousand tons, up 5.1 times and reached the value of nearly $US 65 million, up 12 times from the same period in 2016.

China continues to be the biggest coal consumer of Vietnam with over 5 million tons, up 4% and accounting for 80% of country’s total exports.

By HA NHI/LINH PHAN

Source: http://customsnews.vn/

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THE REGULATION ON PERSONAL EFFECTS AS ALCOHOL AND CIGARS AMENDED

VCN – The General Department of Vietnam Customs is gathering comments from people about the draft Circular amending Circular 120/2015/TT-BTC of the Ministry of Finance regulating on forms, printing, issuing, and management and use of Customs declarations for people on exit or entry. The revised contents are expected to tighten the carrying for items such as alcohol and cigars.

the regulation on personal effects as alcohol and cigars amended
Illustrated photo

Particularly, passengers on entry or exit must declare the Customs declarations if they carry taxable goods: carrying over 1.5 liters of alcohol of ≥20% ABV (alcohol by volume), or over 2 liters of alcohol of < 20% ABV; or over 3liters of alcoholic drinks and beer; over 200 cigarettes; over 20 cigars or over 250 grams of shredded tobacco; and other items with value of over 10 million VND.

Thus, in comparison with current regulations, the Customs declaration for some items is expected to be further tightened. Especially for cigars, the passengers on exit or entry carrying 20 cigars must declare on the Customs declaration instead of 100 cigars as described in the current regulations.

If carrying over 1.5 liters of alcohol of ≥20% ABV or 2 liters of alcohol of <20% ABV, the passengers must declare on the Customs declaration instead of over 1.5 liters of alcohol of ≥22% ABV or 2 liters of alcohol of < 22% ABV as described in the current regulations. In addition, the over 250 grams of shredded tobacco must also be declared instead of 500 grams as per the current regulations.

The regulations on the Customs declaration in the draft Circular are in accordance with the provisions of the Government’s Decree No.134/2016/ND-CP guiding the Law on Export and Import duty. In particular, the regulation on Import duty exemption for each entry according to norms: 1.5 liters of alcohol of ≥20% ABV or 2.0 liters of alcohol of <20% ABV or 3.0 liters of other alcoholic drinks or beer; 200 cigarettes or 250 gram of shredded tobacco or 20 cigars; other items other than those mentioned above (not in the List of goods banned from import, suspended from import or subject to conditional import) with total Customs value in not excess of 10 million VND.

By Ngoc Linh/Ngoc Loan

Source: http://customsnews.vn/

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IT COSTS NEARLY 600 BILLION VND PER DAY TO IMPORT STEEL

VCN- From the beginning of 2017 to now, Vietnam spent nearly $US 26.3 million (about 578 billion vnd) importing steel.

it costs nearly 600 billion vnd per day to import steel
Vietnam spent nearly $US 26.3 million (about 578 billion vnd) importing steel.

According to the latest information of the General Department of Vietnam Customs, from the beginning of 2017 to 15th March 2017, Vietnam spent $US 1.945 billion importing 3.516 million tons of iron and steel, equivalent to $US 26.3 million per day.

Notably, although imports of iron and steel decreased compared to the same period in 2016, the total value of imports increased sharply. Specifically, in the same period last year, Vietnam imported 3.687 million tons of iron and steel with the total value of $US 1.339 billion. Thus, the total import value of iron and steel increased by 45% over the same period of 2016, while the output decreased by nearly 5%.

A strong increase in value and a decrease in output led to an increase in the average price of imported steel. In particular, the average price of steel in 2016 was $US 363 per ton, while at the beginning of 2017, the average price of steel jumped into $US 553 per ton, an increase of more than 52%.

The steel import markets of Vietnam come from many countries and territories in the world but the largest import markets mainly come from Asia such as China with 1.534 million tons of steel, equivalent to the total value of $US 786 million (updated by the General Department of Vietnam Customs at the end of February 2017); Japan with 353,449 tons of steel, worth $US 206 million; Korea with 308,768 tons of steel, worth $US 204 million; Taiwan with 225,355 tons of steel, worth $US 120 million; and India with 211,723 tons of steel, worth $US 110 million.

By Thai Binh/ Hoang Anh

Source: http://customsnews.vn/

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ORIGIN OF IMPORTED CBU CARS STRICTLY INSPECTED

VCN – This was requested by the General Department of Customs to provincial and municipal Customs departments to enhance the inspection of origin for imported CBU cars (Completely Build Unit/Complete Built Up) upon the application of special preferential duty rate. 

origin of imported cbu cars strictly inspected

Cai Lan Customs sub-department officers inspecting imported CBU cars. Photo: Thu Trang

Specifically, the General Department of Customs requested local Customs departments to implement strictly all provisions on Customs procedures, inspection, supervision, import and export duty and tax management for imported goods, and take notice of inspecting the eligibility of ASEAN origin for imported CBU cars during the implementation of Customs procedures for enjoying the special preferential duty rate.

Also, requesting the units to strictly follow provisions of the Ministry of Industry and Trade guiding the C/O subject to special preferential duty rate and process for verifying and examining origin promulgated by Decision No. 4286/QD/TCHQ dated December 31st, 2015, of the General Department and guiding documents of the Ministry of Finance. Accordingly, in case of suspicion for the eligibility of C/O, declared information of C/O or actual origin of imported goods (Such as signs of forgery of signatures, C / O seals, disconformity between information on goods declared on C / O with documents in the Customs dossier, or doubts about declared origin criteria on C / O or through the actual inspection finding that the origin of goods is different from declared origin, or regulations on direct transportation), the provincial and municipal Customs departments must send reports and related dossiers to the General Department of Customs for verification

While waiting for verification result, the imported goods are not subject to the special preferential duty rate but subject to the MFN preferential duty rate.

Besides, the General Department of Customs also requested the provincial and municipal Customs Department to review C/O of imported CBU car shipments which enjoyed the special preferential duty rate from January 01, 2017 till now. If there are any violations, the Departments must conduct post Customs clearance audit and then report the results to the General Department of Customs.

By Thu Trang/ Huyen Trang

Source: http://customsnews.vn/

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YAMATO CONSIDERS WITHDRAWING FROM AMAZON’S SAME-DAY DELIVERY SERVICE

TOKYO —

Yamato Transport Co, Japan’s leading door-to-door courier firm, is considering withdrawing from its same-day delivery service for Amazon.com Inc to reduce its drivers’ heavy workloads, sources close to the matter said Friday.

A deliverer of Yamato Transport Co is seen under the company’s logo in Tokyo.Reuters photo

Online retail giant Amazon offers the service to customers who pay a 3,900 yen annual fee, with parcels delivered through Yamato on the day orders are placed. But the service has led to Yamato drivers increasingly being overworked, with a particularly high volume of nighttime deliveries.

Yamato will gradually reduce accepting parcels for the service and eventually withdraw from the service completely, a move that could force online retail firms to review their overall services, the sources said.

Last month, the group firm of Yamato Holdings Co said it will review contracts with major corporate clients, including online retailers, in its effort to reduce the amount of parcels it handles.

The company had been considering partly terminating contracts with major clients that refused to accept raised shipping fees or by deferring delivery days during peak periods.

Yamato plans to raise its base shipping fees by the end of September for the first time in 27 years to maintain service quality amid insufficient manpower and an increase in online shopping, while struggling with growing costs for outsourcing a part of its deliveries.

With 90% of its parcels coming from corporate clients including online retailers, Yamato had been offering them discounts based on delivery volume. But Yamato has already begun talks with major clients, including Amazon’s Japan unit, over the envisioned fee increase.

According to Yamato, the company delivered roughly 1.8 billion parcels in fiscal 2016 amid an increase in online shopping.

But the number is likely to be reduced with Yamato pulling out of the same-day service and Japan Post Co, the mail service unit of the state-owned Japan Post Holdings Co, is seen as overtaking part of the service.

© KYODO

Source: https://www.japantoday.com

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A SH MOTORBIKE SMUGGLED IN A CONTAINER IN TRANSIT

VCN –  on the morning of April 5, 2017, the Cai Mep port border gate Customs Sub-Department collaborated with Customs Control Team under the Ba Ria – Vung Tau Customs Department to conduct an actual inspection for a container in transit and discovered many smuggled and banned items including 01 used Honda SH 150i motorbike. 

xe sh nhap lau trong container hang qua canh

The SH150i motorbike was hidden in the center of container and surrounded by other commodities such as beer, milk, acoustic audio speakers and supplementary food

Earlier, on April 3, 2017, Madame Anime Inc Co., Ltd submitted to the sub-Department a dossier of goods in transit and Customs declaration on 100% new consumer goods, which will be exported through the Hoa Lu international border gate, Binh Phuoc province

Through examining dossier and checking with commodities declared on the E-manifest and collecting information, the Customs officers discovered that the commodities declared were unclear and insufficient; and the items on the Customs declaration were missing such as: name of the ship, date of arrival, container number, seal number and carrier. It was suspected that there was fraud in commodities, the Customs officers asked for a physical inspection

On the morning of April 5, 2017, the Cai Mep port border gate Customs Sub-Department collaborated with the Customs Control Team to inspect and detect that there were a lot of used goods such as: acoustic audio speakers, amplifiers, music disc, beverage, beer and milk. Especially, there was 01 Honda SH 150i hidden in the center of the container.

The Cai Mep port border gate Customs Sub-Department has still unloaded the commodities to inspect and handle.

xe sh nhap lau trong container hang qua canh
An old disc player almost discarded
xe sh nhap lau trong container hang qua canh
Old amplifiers
xe sh nhap lau trong container hang qua canh
Foreign beer
xe sh nhap lau trong container hang qua canh
Supplementary food
xe sh nhap lau trong container hang qua canh
Old music discs
xe sh nhap lau trong container hang qua canh
The SH 150i unloaded

By Dang Nguyen/ Huyen Trang

Source: http://customsnews.vn/

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ENTERPRISES COMPLAIN ABOUT SPECIALIZED INSPECTIONS

VCN- At a meeting with the delegation of the HCM City Customs Department in March 2017, most enterprises reflected difficulties and obstacles in specialized inspections for imported goods, which affected the opportunities of enterprises.

doanh nghiep tiep tuc phan nan ve kiem tra chuyen nganh
Customs officers of Tan Son Nhat International Airport check imported pharmaceutical products. Photo: T.H.

“Obstacles” in specialized inspections

Mad. Le Thi Van, the Director General of Dai Tan Viet Joint Stock Company said that her company had been one of the leading importers and distributors of food ingredients in Vietnam for 20 years. The company has a huge volume of imports, with high quality, but it takes the company a lot of time and money to carry out specialized inspections in Vietnam. “The products of the company are mainly cheese, milk, foie gras, etc. imported from European countries, strictly controlled in the process of farming, distribution and certification. However, when these producted are imported into Vietnam, they must be quarantined before clearance. In fact, Customs clearance is very fast, but it takes the company about 6 to 7 hours to take the goods, due to the waiting time for receipt of goods, samples, shipping papers, etc. The delay in one of these stepss can extend the time and increase costs”, Mad. Van shared.

As a result, the General Director of Dai Tan Viet Joint Stock Company recommended that the authorities should accept the certificates of developed countries. In the case where the authorities detect violations, enterprises shall be strictly punished.

Exchanging with the delegation of the HCM City Customs Department, Mad. Pham Xuan Thu, the Supply Chain Manager of Saigon Paper Joint Stock Company said that the biggest difficulty of enterprises in import and export activities was not Customs procedures but specialized inspections. Accordingly, the company imports raw materials to produce paper products in the domestic market and export with the amount of about 100-120 containers per month. However, imported paper materials have the same HS code with scraps, so they are classified into the Red Channel, subject to physical inspections. Accordingly, before opening Customs declaration, the company must send the dossier to the specialized inspection agency and wait 2-3 days, or even up to 1 week for response of the authorities. “For an imported shipment, the company must pay VAT of 10% to the State budget, but it takes the company up to 20% of revenues for specialized inspections. Then, the profit is only 2-3%”, Mad. Thu explained.

Regarding pharmaceutical area, Mad. Nguyen Thi Thanh Phuong, the Deputy Director General of Central Pharmaceutical Joint Stock Company No. 2 said that the company’s export and import volume was very huge. If the company does not reform procedures to reduce the time of certification of specialized inspections, it will negatively affect the time of Customs clearance and costs of enterprises.

The Customs will provide maximum support

Regarding difficulties of enterprises, at the meeting, the leader of the HCM City Customs Department said that as the leading agency in the implementation of the project on reform of specialized inspection procedures, the HCM City Customs Department had many solutions to support enterprises. In particular, it has submitted many proposals to the Government and the National Assembly to solve many inadequacies related to the implementation of specialized inspections at border gates of HCM City.

The leader of the HCM Customs Department suggested that enterprises should continue to have specific reports on each imported items subject to specialized inspections which face obstacles. Accordingly, these obstacles shall be resolved based on the legal documents of Ministries, proposals of enterprises and Customs agencies.

In order to facilitate enterprises in specialized inspections, the HCM City Customs Department has coordinated with specialized inspection agencies to put two specialized inspection stations at Lai port and Tan Son Nhat International Airport with the participation of many relevant forces. In addition, the HCM City Customs Department has also put the portal on specialized inspections into operation with the participation of four parties, including: Customs, specialized inspection agencies, port business enterprises and import-export enterprises. Therefore, enterprises should take advantage of these supports as soon as possible. Agreeing with the recommendations of enterprises in the field of specialized inspections, the leader of the HCM City Customs Department said that the Customs force had been also proposing to accpet mutual results among developed countries; apply risk management for enterprises and apply probability method for each shipment.

In order to facilitate enterprises in specialized inspections, Mr. Tran Ngoc Anh, the Deputy Manager of the Customs Branch of Tan Son Nhat International Airport said that currently, for consignments to be refrigerated, Customs officers shall conduct physical inspections at the warehouse, so enterprises do not need to transport goods into specialized inspections stations, which saves time and costs for businesses. Thus, quarantine agencies should have similar regulations to create favourable conditions for enterprises. At the warehouses of Tan Son Nhat International Airport, Customs officers and staff of specialized agencies shall carry out sampling at the warehouse without transporting goods to specilized inspection stations as before.

By Le Thu/ Hoang Anh

Source: http://customsnews.vn/

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REGULATIONS ON SENDING MONEY OVERSEAS

VCN – The Customsnews received a question from a reader on sending AUD 100.000 from his/her parents to him/her to buy a house in Australia; to receive the money, whether he/she must return to Vietnam to take the money or his/her parents can register the money transfer service at a bank to send that money to Australia?

regulations on sending money overseas

Customers on exit implementing procedures at the Tan Son Nhat International Airport

Relating to the question from a reader, through talking with authorized units, the Legal Consultancy Team of the Customs news consulted as below:

According to Article 2 of Circular No. 15/2011/TT-NHNN dated August 02, 2011, Individuals when entering into and exiting from the country with passport through international border gates of Vietnam carrying foreign currency or Vietnamese dong in cash in excess of the following amount shall be required to declare to the border Customs:

a. USD 5,000 (Five thousand United States dollars) or other foreign currencies of the same value;

b. VND 15,000,000 (Fifteen million Vietnamese Dong).

In the case where an individual entering into Vietnam carries foreign currency in cash in an amount or USD 5.000 or lower or other foreign currencies of the same value and have demand for depositing the amount to their foreign currency payment account opened at a credit institution or a foreign bank’s branch authorized to engage in foreign exchange, he shall be required to declare to the border Customs.

Entry-exit declarations with confirmation of the border Customs about the carried amount of foreign currency in cash is a basis for the authorized credit institution to accept the deposit in foreign currency in cash deposited to the payment account.

The amount of foreign currency and Vietnamese dong in cash required to be declared at the border gate Customs is not applied for individuals who carry means of payment, valuable papers in foreign currency or in Vietnamese dong such as traveler’s cheques, bank card, savings book, securities and other valuable papers.

Pursuant to the Clause 1, Article 1 of the Circular governing the scope and subjects of application: “This Circular provides for the carrying of foreign currency or Vietnamese dong in cash (including paper money, coin) of individuals upon entry, exit through international border gates of Vietnam with passport or other documents of the same value as passport that are issued by a competent agency of Vietnam or foreign country (hereinafter collectively referred to as passport). Therefore, individuals on exit carry foreign currency in the amount mentioned above (this amount specified for each passport/ a person and not discriminated by age) is not required to declare on the entry declarations when carrying out the entry procedures. Only declaring to the Customs agencies if carrying an amount of foreign currency in excess of described amount on the entry-exit declarations when implementing the exit procedures.

If the reader directly flies to Vietnam to take the money, he/she must strictly follow the above regulations on carrying foreign currency in cash.
If the reader wants to register the money transfer service to Australia via banks, he/she should instruct his/her parents to directly contact with a bank with Western Union service for detailed guidance.

By The Legal Consultancy Team of Customsnews/ HuyenTrang
Source: http://customsnews.vn/