Customs & Global Trade Updates July 2024

This update highlights the key customs and global trade on 1 August 2024

This update highlights the following matters:

• Update on the Value-Added Tax (VAT) rate reduction for the last six months of 2024.
• Vietnam’s special preferential import tariff schedule for implementing the ASEAN-Korea Free Trade Agreement (the AKFTA) for 2023 to 2027.
• List of goods subject to energy efficiency testing and labelling under the administration of the Ministry of Industry and Trade (the MoIT).
• List of new administrative procedures for import and export that are administrated by the MoIT.

Increasing export tariffs for certain goods from 1 July 2024.

• Official Letters (OLs) providing guidance on the following matters:
  • Declaration of VAT rate in Vietnam Automated Cargo And Port Consolidated System (VNACCS/VCIS system) to implement Decree 72.
  • The Certificate of Origin (C/O) of goods whose usage purpose has changed.
  • Specialized inspection for goods imported from a bonded warehouse into the domestic market.
  • Price discount and duty refund for imported goods.
  • Verifying the Certificate of Quality (CQ) issued by a manufacturer of goods which are subject to the anti-dumping tax (ADT).
  • Phytosanitary Certificate on the National Single Window.
  • Customs declaration for goods imported in multiple shipments.
  • Guidance on labeling of imported goods.
  • Notification of updating the C/O issuing system of the CCPIT.