Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Tuesday, June 28, 2022

Customs clearance guarantee mechanism for imports and exports formulated

Updated: 14:12’ - 22/04/2019
Customs clearance guarantee for imports and exports would be soon effected under a pilot mechanism, according to a draft resolution being formulated by the General Customs Department.

Customs clearance for imports and exports at Saigon Port, Region 1__Photo: VNA

The draft, scheduled for submission to the National Assembly for passage next year, is designed in line with the Kyoto Convention on Simplification and Harmonization of Customs Procedures and other trade facilitation and trade agreements which Vietnam has acceded to.

Under the draft, an imported or exported goods shipment which has not yet gone through customs procedures may still enjoy customs clearance if there is an insurance business committing to paying to the state budget an amount equal to the tax amount payable for, or the value of, goods shipment in case the importer or exporter is unable to do so.

The draft sets out two forms of customs clearance guarantee: guarantee based on the payable tax amount and guarantee based on the value of the goods shipment. The first form would apply to imports and exports subject to tax payment before customs clearance or goods release, goods temporarily imported for re-export and goods in transit, and goods for which certificates of origin are not yet produced. The second form would apply to imports which are handed over to goods owners for storage pending specialized inspection results; goods likely to affect social safety, community well-being or environmental sanitation which must be placed under control and for which certificates of origin are not yet produced; and goods subject to import regulations of Vietnam or bilateral or multilateral treaties.- (VLLF)


Send Us Your Comments:

See also:


Vietnam Law & Legal Forum