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Attention to re-export trade! Vietnam has introduced new regulations for temporarily importing and re-exporting and re-exporting goods trade!

Vietnam’s "People’s Daily" reported on January 5 that, according to Viet News Agency’s report, the Import and Export Bureau of the Ministry of Industry and Trade of Vietnam disclosed that according to the Ministry’s No. 9 Notice, starting from January 1, 2021, the And re-export trade, if it is imported to Vietnam through land borders or re-exported abroad, it can only be carried out through official ports of international ports and bilateral ports. In particular, the regulations also apply to foreign goods temporarily imported into Vietnam through land borders or re-exported abroad and stored in bonded warehouses.
Vietnam’s “Investment News” reported on January 1 that under the influence of the epidemic and the global trade downturn, Vietnam’s import and export volume still performed well. Vietnam's total import and export volume in 2020 reached 543.9 billion U.S. dollars, an increase of 5.1% year-on-year, marking the fifth consecutive year of surplus. As a result, Vietnam has become the world's 22nd largest economy in terms of export volume and export capacity, and 26th in international trade scale. At present, Vietnam has signed two heavyweight free trade agreements, namely the "Vietnam-EU Free Trade Agreement" (EVFTA) and the "Comprehensive and Progressive Agreement on Trans-Pacific Partnership" (CPTPP), which will allow Vietnam to export to Canada, Japan, Mexico, Peru, France, Germany and other markets can enjoy more preferential tariffs, which has achieved a huge export advantage.The Vietnamese management believes that the border market model of border residents has fallen behind and is easy to breed smuggling and infringement of intellectual property rights. Therefore, the Ministry of Industry and Trade of Vietnam made a proposal to the Vietnamese government to gradually abolish the trade method of border markets. It was approved by the government in August 2020, and then the Ministry of Industry and Trade of Vietnam issued this notice numbered 09/2020/TT-BCT.


Post time: Jan-13-2021