Dong Nai province, in the southern region, is a prime choice for foreign companies in Vietnam with its strong infrastructure, logistics connectivity, and industrial parks. We profile its key advantages that has made it among the top ranked destinations for FDI in the country across multiple business lines.
‘Corporate Tax Planning for Businesses in Vietnam in 2024’ explains key incentives available, reporting requirements, and preparation for Vietnam’s Global Minimum Tax regulations under the BEPS 2.0 Framework.
The franchising sector in Vietnam benefits from relaxed retail regulations and a dynamic entrepreneurial landscape.
Vietnam has amended certain provisions regarding hiring foreign workers and the issuance of work permits. We provide the details.
Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam.
Following the relevant customs procedures when importing or exporting goods from Vietnam is one of the most vital aspects of doing business in a country where manufacturing costs are leveraged to its favor.
Goods to be imported or exported are subject to the relevant customs clearance standards, which effectively check the quality, specifications, quantity, and volume of the goods. Currently, these standards are set out under Law No. 54/2014/QH13 on Customs as well as numerous implementing decrees and guiding circulars.
Following the standards set by the Vietnamese government, certain imported goods are subject to inspection. For example, imported pharmaceuticals must undergo testing and also include documents detailing product use, dosage, and expiration dates (written in Vietnamese), which must also be included in or on the product packaging.
Companies that import or export goods must submit a dossier of documents to the customs authorities. The dossier must include at least the company’s business registration certificate and import/export business code registration certificate.
If importing, it’s best to register your business on the National Business Registration Portal website and register customs declaration on the Vietnam National Single Window Portal.
The following are additional documents that may be requested by authorities depending on the imports in question:
Imported goods require the following documents:
Exported goods need the following:
Export shipment procedures are typically completed on the same day. Import shipments typically take around one to three days to complete for full container loads (FCL) and less than container loads (LCL), respectively.
According to Vietnamese Customs, companies that regularly export and import the same exact goods within a given period may use a single customs declaration form for carrying out the relevant customs procedures if the goods are listed under the same purchase and sales contract and are delivered within the delivery time listed on the purchase contract.
For those seeking to reduce customs compliance costs in Vietnam, it is possible to apply for priority treatment. Under priority treatment, qualifying companies will become eligible for a range of benefits that are sure to reduce customs clearance times and thus reduce costs.
Companies that meet the following standards, outlined under Decree No. 08/2015/ND-CP, will become eligible for preferential customs treatment:
According to the Law on Customs, companies qualifying for the priority treatment program will be eligible to benefit from the following:
Vietnamese customs procedures are complex and often subject to change. For up-to-date information on clearance regulations, processing times, or applying for the priority program, it is best to consult with government officials or professional service firms.