N1/2017 APRIL
www.icham.org
IN THIS ISSUE News 4
VIETNAM EXPO 2017 - Enhancing Regional and Global Economic Links
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European Night “Italy in the 60s” 16
at EuroSphere 2017
Hau Giang Province TUTTOFOOD 2017: New opportunity for Vietnamese F&B companies
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ICHAM Chairman at "Transport Infra-
2,500 international visitors see
Premium European products
Meeting with the representatives of
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ICHAM - First edition of
Market Info
structure Outlook – Vietnam 2017" 8
7th World Wine Meetings Asia: gold-
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Beverage Market
en opportunity for Vietnamese com-
panies in the wine and spirits sector 9
Italian businesses approaches Vietnam's supporting industry
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Midterm VBF 2017: The ongoing dialogue between the Vietnamese authorities and the foreign business community in Vietnam
11 The first European art of living exhibi-
tion of EVBN – EUROSPHERE 12 Meeting with Fiera Milano: New projects in collaboration with ICHAM 12 ICHAM delegation of Vietnamese buyers at “Buy Made in Veneto” 13 The 18th Meeting of the Directors of the Italian Chambers of Commerce abroad
Industry Spotlight: Vietnam’s
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Introduction to Personal Income Tax in Vietnam
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Vietnam Expo 2017 Enhancing Regional and Global Economic Links
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n 19 April, 2017, Icham Executive Director - Mr. Pham Hoang Hai attended the Opening Ceremony of THE 27th VIETNAM EXPO 2017, hosted by Vietnam Ministry of Industry and Trade and organized by VINEXAD, an annual event in more than two decades, held in April from 19th to 22nd 2017 at Hanoi International Exhibition Center, 91 Tran Hung Dao, Hoan Kiem District, Hanoi, Vietnam. The trade fair is considered as a valuable event for local and international businesses and organizations to
get to know more about business connections, policy advisories and better design competency dedicated to businesses and products on display in exhibitor booths.
Meeting with the representatives of Hau Giang Province On 10th May ICHAM's Chairman Michele D'Ercole welcomed the delegation of Hau Giang Provincial People's Committee at ICHAM office in HCMC. At the meeting, the representatives of Hau Giang made a presentation about the Province and about their upcoming Conference to call for FDI from foreign enterprises, including Italian companies. Situated in the Mekong Delta, Hau Giang has many favorable conditions for domestic and foreign investment such as good infrastructure and transportation systems, developing industrial zones, hi-tech applied agricultural zones and various incentive policies of the Province for investors. After signing a MOU
with the Department of Foreign Affair for the Provinces (Ministry of Foreign Affairs), supporting the trade relation between Italy and provinces in Vietnam has become one of our main priorities. Mr D'Ercole appreciated the efforts of Hau Giang Province in improving the investment climate, hoping that the both sides will have a fruitful collaboration in the future.
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TUTTOFOOD 2017: New opportunity for Vietnamese F&B companies With the aim to promote Vietnam’s Food & Beverage products in European markets in particular and worldwide in general, the Italian Chamber of Commerce in Vietnam (ICHAM) cooperated with Fiera Milano, one of the most prestigious trade fair organizer in Europe, to bring a delegation of Vietnamese exhibitors to Italy to join TUTTOFOOD 2017. TUTTOFOOD is one of the three biggest F&B international trade fairs in Europe, organized bienially by Fiera Milano. Each nation which takes part in the Fair will have a separate pavilion to exhibit the country’s characteristic products. This year, a pavilion for Vietnam was set up for the first time at the Fair to bring Vietnamese products closer to international friends. The delegation led by ICHAM this time consisted of Vinamilk
(milk and dairy products), Ban Me Gold (coffee), Lavite (dried dragon fruit), Hung Son (fish sauce) and Minh Phuc An (fresh dragon fruit).
Dragon fruit attracting foreign visitors thanks to its uniqueness
6 Although it was the first time that Vietnam joined TUTTOFOOD, the Vietnamese stalls attracted great attention from many visitors. Europe is one of the biggest markets for Vietnamese coffee as 9/10 of the most coffee consuming nations are located in the Old Continent (according to international coffee organization). Being aware of this advantage, Ban Me Gold held successfully the program “Enjoy coffee with Honee Coffee” , introducing Vietnamese high-end coffee to the visitors during the two days of the exhibition. Dragon fruit was another product of Vietnam that drew much interest from foreign visitors thanks to its uniqueness. TUTTOFOOD 2017 was open from 08 to 11 May at Rho, Milan and has brought us new vision with new trends and products, such as vegetable sorbets, the world’s first pasta made with coffee, balsamic vinegars that can be
grated, mint burrata, and canned friarielli. However, the organic industry was still the queen of the event. Innovation found its perfect stage at TUTTOFOOD 2017: 4 intensive days of business meetups, talks, and highquality content, which have consolidated the outstanding records of EXPO’s edition. 80.146 visitors, 2.850 exhibitors from Italy and foreign countries; over 30.000 business matches with 3,150 buyers profiled through the new MyMatching system; numerous buyers coming from the target areas and countries with the fastest growing economy; over 48,000 participants in the Week&Food events. With these impressive figures, TUTTOFOOD confirmed, once again, to be an international high-quality food hub focusing on business and expertise. The seventh edition of TUTTOFOOD will take place at Fiera Milano from 6 to 9 May 2019.
The delegation of Vietnamese exhibitors: Vinamilk, Ban Me Gold, Lavite, Hung Son and Minh Phuc An
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ICHAM Chairman at "Transport Infrastructure Outlook – Vietnam 2017"
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n 22 May in HCMC, ICHAM Chairman Michele D'Ercole participated as a speaker at "Transport Infrastructure Outlook – Vietnam 2017", where he talked about the presence of the Italian companies in the infrastructure sector in Vietnam. He also highlighted some projects in Vietnam where the Italian companies are involved, including Ghella e Rizzani De Eccher. Transport Infrastructure Outlook Vietnam 2017 was organized by Bricsa Consulting, supported by ICHAM and other organisations, and took place on 22 and 23 May. The event focused on the current and proposed developments happening in the region, providing a glimpse into the industry from global and local perspective. Bricsa Consulting is an Indian-based company which has been conducting successful business conferences in the Asia, Africa and Middle East Region.
ICHAM Chairman Michele D'Ercole at "Transport Infrastructure Outlook – Vietnam 2017"
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The delegation of Vietnamese importers and buyers in Singapore
7th World Wine Meetings Asia: Golden opportunity for Vietnamese companies in the wine and spirits sector
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or the purpose of encouraging Vietnamese wine market growth, the Italian Chamber of Commerce in Vietnam (ICHAM) brought a delegation of six Vietnamese wine importers and buyers to Singapore to join the 7th WWM Asia. The event was held by Break Events – an independent events agency created with a team experienced in the Wine & Food industry. WWM Asia or World Wine Meetings Asia, into 5 consecutive years, continued with its highly professional targeted formula in Singapore, bringing wine producers closer to potential partners among Asia’s top wine importers and buyers, through B2B meetings arranged according to their needs. The delegation led by ICHAM consisted of Vang Luat, Vincorp, Tan Khoa, SYN Wine, Gourmet food and wine, Son Lam nutri. Open from 27 to 30 May 2017 at Shangri-la Hotel Singapore, the 7th WWM Asia brought together 70 buyers from Asia and 80 wine producers from around the world in one place. The three-day programs combined pre-arranged private business meetings, a couple of wine masterclasses (one on Beaujolais, another on Castilla y Leon) and a mini wine and spirits exhibition featuring 100 mostly Old World wine labels from Alsace, Languedoc-Roussillon, Bordeaux, Bourgogne, Champagne, Loire, and Rhone (France); Emilia Romagna, Friuli Venezia Giulia, Piemont, Puglia, Toscana, and Sicilia (Italy); Castilla y Leon, La Mancha, La Rioja, Aragon, and Valencia (Spain). After the event, the Vietnamese companies found many potential partners for their new product introduction strategies in Vietnam's market.
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Italian businesses approaches Vietnam's supporting industry
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ware of the need to develop supporting industry in Vietnam, from 6th to 9th June 2017, a series of factory visits was organized by the Italian Chamber of Commerce in Vietnam (ICHAM) for the OMR Group to study the market and present Italian high quality products. The ICHAM delegation included the representative of the OMG Group - Mr. Marcello Maffeis and ICHAM Executive Director - Mr. Pham Hoang Hai. They visited the factories of Honda, Samco, Do Thanh, Nissan, Truong Hai, Ford and Toyota in Hanoi, Danang and HCM. The OMR Group is one of the leading suppliers of global solutions of automotive components and assemblies in the world, for the both original equipment and the Aftermarket. With 9 production plants in Italy and 6 in other parts of the world, in Brazil, India, China and Morocco, the Group’s headquarters are in Rezzato, in the province of Brescia, and it operates with a workforce of 3200 people. Its turnover in 2014 was around 600 million euro in the following business sector: cars, industrial & commercial vehicles, agricultural machines& heavy equipment and motorcycles. The purpose of this business trip for the OMR group is to seek opportunities to enter Vietnam market and even further expand their business to Southest Asian market by setting up a factory here in Vietnam as a promising start.
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Midterm VBF 2017: The ongoing dialogue between the Vietnamese authorities and the foreign business community in Vietnam On the 16 of June in Hanoi there was the annual edition of the “Vietnam Business Forum�. The event, organized by the Vietnamese authorities, has the aim to discuss in front the foreign business community the recent global developments in the fields of commerce and international policies and their effects on the Vietnamese economy.
This edition was in particular very important and full of topics, considering the recent changes on the world political stage and the many commercial bilateral agreements already approved or to be approved in the near future. The main themes discussed were Brexit, the TTIP’s future and the European-Vietnamese Free Trade Agreement, with a specific focus on the effects of these changes on Vietnam and on its capability to attract Foreign Direct Investments. Another part of the meeting was dedicated to the Vietnamese internal situation, with a presentation, held by the Vietnamese authorities, of the most recent laws in the fields of foreign trade, of the work market and of the taxation, with an in-depth analysis of
their implementation in the country. The conference also had the participation of the main foreign business communities in Vietnam, with speeches delivered by representatives of the Chambers of Commerce of Europe, America, Japan, Korea and Australia, useful to provide the Vietnamese authorities with a general overview of the ideas and needs of the foreign companies in Vietnam. For this edition of the VBF meeting, as representative for the Italian Chamber of Commerce in Vietnam was present our Secretary General, Mr. Pham Hoang Hai.
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The first European art of living exhibition of EVBN – EUROSPHERE On 16th and 17th June 2017, the first edition of EuroSphere - European Art of Living took place at Gem Center. EuroSphere, organized by EVBN (EU-Vietnam Business Network), is an innovative exhibition dedicated to bringing the European Art of Living to Vietnam and Southeast Asia region and is the first and only platform in Southeast Asia to connect leading importers, distributors in the region with luxury industry experts and businesses from Europe. Within the framework of this event, Italian Chamber of Commerce in Vietnam as one of the partners of EVBN, supported for Procosmet, an Italian Cosmetics Manufacturer via a B2B meeting.
ICHAM supported for Procosmet, an Italian Cosmetics Manufacturer via a B2B meeting.
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Meeting with Fiera Milano: New project in the future for ICHAM On June 20th, the Executive Director of ICHAM, Mr. Pham Hoang Hai, had a meeting with Fiera Milano to resume the discussion about promoting some trade fairs such as HOST (HoReCa equipment), HOMI (furniture & lifestyle), TUTTOFOOD (food & beverage) in the coming years. Fiera Milano is one of the largest trade fair and exhibition organizers in the world, headquartered in Milan, Italy. In recent years, ICHAM has become an important partner of Fiera Milano in Vietnam getting involved in promoting many different trade fairs.
ICHAM delegation of Vietnamese buyers at “Buy Made in Veneto” On June 27th, 28th, and 29th 2017, ICHAM’s Executive Director Pham Hoang Hai accompanied a delegation of Vietnamese buyers to join the project “Buy Made in Veneto”, organized by VenetoPromozione in the region of Veneto, Italy. The delegation consisted of two companies: Gemini Project Developer Company Limited, specializied in construction and investment consultancy and Huong Lan Company, specialized in Fashion and Retail. The event “Buy Made in Veneto” involves the visit of a delegation of international economic operators (importers, wholesalers, department stores, chain stores, boutiques, etc.) from Russia, Hong Kong, Vietnam and South Africa interested in meeting potential Venetian suppliers in Fashion System. The project aims to offer the Italian companies in Veneto the possibility of new prospects for business collaboration with the markets of these countries.
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THE 18TH MEETING OF THE DIRECTORS OF THE ITALIAN CHAMBERS OF COMMERCE ABROAD
The first working day focused on topics such as development of innovative services, communication and European project planning. On the second day, representatives of CCIE had B2B meetings with trade promotion individuals and organizations. The last working day was hosted by Unioncamere with different activities such as comparision between the system of Italian Chambers of Commerce in Italy and the one abroad, meeting “Business community and Italian Chambers of Commerce abroad on promoting Italy worldwide: debate on the book Edoardo Pollastri, civil commitments and action strategy at the service of Italian network in the world�. The meeting had the presence of representatives from the Parliament, institutions, chambers of commerce and social organizations.
The 18th Meeting of the Directors of the Italian Chambers of Commerce abroad (CCIE) was held from July 3rd to July 5th in Rome. This year, the event hosted over 80 managers from 78 member chambers of Assocamerestero (Association of Italian Chamber of Commerce abroad), including the Italian Chamber of Commerce in Vietnam (ICHAM). On behalf of ICHAM, Executive Director Pham Hoang Hai joined the event. During three intense consecutive working days, the representatives of CCIE discussed many topics regarding the internationalization of SMEs and promotion of Italian trade worldwide.
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On June 28th, the first edition of European Night - “Italy in the 60s” was held by The Italian Chamber of Commerce in Vietnam at NAMO Tuscan Grill restaurant. The event, previously known as Netplus, is organized every two months and aims to connect the European and Vietnamese business community in HCMC.
“Italy in the 60s” took place successfully with the participation of over 200 business guests. Beside creating an atmosphere of the classic Italy in the 60th for the guests to network, the event was highlighted by a mini fashion show – a collection inspired by Italy in the 60s realized by students from ADS Vietnam (Vietnam Design Institute). Last but not least, another important part of the event was the Lucky Draws with many special gifts, among which there are typical branches from Italy.
ICHAM would like to send sincere thanks to all sponsors for their precious contribution to the success of the event: Turkish Airlines, NAMO Tuscan Grill Restaurant, ADS Vietnam Design Institute, the Loop restaurant, Ducati, Da Loc Wine, Honee Coffee, Good Food, Divella, Park Hyatt Saigon, Red Apron, Liquid Gold, Maserati, Wine Embassy.
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2,500 international visitors see Premium European products at EuroSphere 2017 Vietnam is gradually becoming the next hub for luxury products. High-end European brands from fashion & accessories, gourmet food, beverages, perfumery & cosmetics, furniture, interior design and automotive were showcased at the GEM Center in Ho Chi Minh City on the 16th and 17th of June. 80 brands, representing 7 European countries including France, Portugal, Belgium, Germany, Greece, Italy and UK, put on a glamorous showcase of lifestyle, beauty and creativity for 2 days. Besides having the first glance of the luxury products going to soon be launched in the market, visitors also get to attend quality conferences by high profile speakers. Fashion enthusiasts were enthralled with “The 10 secret principles of luxury: how to turn any product or service into a luxury one” and
“Good and bad practices in the Fashion industry for today and tomorrow: different archetype cases around the world” conducted by Mr. Donald Potard, chairman of fashion department of Paris College of Art, former CEO of Jean-Paul Gaultier. Wine lovers got to taste and understand the different Bordeaux wines during the seminar with Mrs. Clara Deboos from Celliers d’Asie representing La Commanderie de Bordeaux. Eurosphere also highlighted business opportunities for European businesses in Vietnam with the conference about the EU-Vietnam Free Trade Agreement as well as expanding business to the region with a seminar delivered by local experts from ASEAN countries, namely Cambodia, Myanmar, Philippines and Indonesia.
As part of the over-arching concept of European Art of Living, one of the conferences also discussed the balancing act of women in business in Europe and Vietnam hosted by HAWEE and CO-SPACE. Pafilia Property Developer also presented to visitors the opportunities about “European Investment Immigration & Luxury Property Investment in Cyprus”. At the exhibition, European brands competed for the title of “The most promising new European brand in Vietnam”, judged by a panel of 6 jurors headed by the Ambassador, Head of Delegation of the European Union to Vietnam, Mr. Bruno Angelet. Coco’s Liberty, a young English jewelry designer claimed the title and won a 2-way ticket sponsored by Air France. Besides that, 200 B2B meetings were set and more than 2,000 business profile views. EuroSphere 2017 also attracted more than 50 media representatives from Vietnam and
south-East Asia region. EuroSphere is organized by the EU-Vietnam Business Network (EVBN) with the support of the EU delegation to Vietnam, Vietnam Ministry of Foreign Affairs (MOFA) and Vietnam Ministry of Industry and Trade (MOIT). EuroSphere was sponsored by Vietnam International Fashion Week, Duc Viet Cargo Team, Pafilia Property Developer, Giai Tri TV, HTV2, Sunflower Media and many other local and regional partners. For more information, please visit our website www.eurosphere.com.vn or www.facebook.com/Eurosphere2017/
Honee Coffee is a Vietnam based brand striving to make the best cup of coffee. We believe that by truly enjoy the moment (sipping coffee) we could celebrate nature, culture and a long the way, improve life not just ours but also farmer and everyone involve. To make good products, we choose the best quality bean, using roasting technology from Europe, researching to develope and
advance our knowledge in this field. We are proud to have honey coffee as our signature product. Contact with us : - Website : http://honeecoffee.com - Catalogue : https://goo.gl/RZkI6e
Marposs established in 1952 in Italy, supplies precision industrial gauging and process monitoring equipments worldwide. In accordance to the philosophy to be close to our customers, Marposs Vietnam started to operate in 2016 providing sales and service support of Marposs measuring products in Vietnam market. Marposs solutions are applicable both to in machine operation and post process inspection and allows to improve quality output, increase processes efficiency and to reduce costs of production. At MTA Vietnam 2017 in HCMC (July 4-7th), Marposs introduced some Marposs high technologies solutions compatible to Industry 4.0: •
VOS, part and tool measuring systems to be used inside the machine tools: allows the inspection of complex parts and tool, guaranteeing high precision in manufacturing and less scrap.
•
MMS, machine monitoring systems to be used inside a big variety of machine tools and suitable for a big variety of processes (cutting, deformation, forging...): allows to keep monitored, on real time, a manufacturing process improving efficiencies and keeping under control tool and machine conditions
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Opto Flash, a new generation of Marposs flexible solution for post process inspection, fast and high precision gauging controls for any kind of shaft, suitable to be used in the shopfloor
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Testar gauges and Marposs Measuring Software, used for post process inspection: allows to measure, qualify and manage quality statistic of production
Catch next news at Marposs booth at MTA Hanoi (11-13th October 2017)
Dear Members & Friends, We are pleased to inform you of the following upcoming events co-hosted or supported by ICHAM.
AUGUST 2017
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HO CHI MINH CITY
HR Tech Asia Conference and Expo
OCTOBER 2017
18
HANOI
26th Vietnam International industrial fair
NOVEMBER 2017
11
DA NANG
8th Asian Pacific Mediation Forum conference in Vietnam
16 JUN 2017
Add: 10AB Thai Van Lung, District 1, HCMC
Tel: 08 6299 0997 Website: www.riochurrascaria.vn
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Setting Up a Foreign-Invested Enterprise in Vietnam By Dezan Shira & Associates
B
y continually issuing favorable policies and incentives aimed at attracting inflows, and deciding to decrease the country’s corporate income tax levels to 20 percent from January 1, 2016, it is clear that Vietnam’s government is intent on taking a proactive approach to foreign direct investment. Enterprises and individuals interested in taking advantage of the country’s friendly investment environment therefore need to be aware of the various market entry structures available to foreign investors.
There are two main types of vehicles for foreign investment in Vietnam: 100 percent foreign-owned enterprises (FOEs) and joint venture enterprises (JVEs).
100 percent FOEs can be established by one or more foreign investors, under the form of either a limited liability company (LLC) or a joint-stock company (JSC). JVEs can be established as an LLC, a JSC, or a partnership, and the profits and risks in a JVE are distributed among the parties in proportion to their charter capital contributions. Other options for establishing a commercial presence in Vietnam include representative offices and branch offices, but these are not legal entities.
In this article, we discuss the establishment requirements, common purposes, as well as
the pros and cons for the following foreign investment vehicles: • Limited liability companies • Joint-stock companies • Partnership companies • Representative offices • Branch offices • Business cooperation contracts • Specific authorized projects • Limited Liability Companies 100 percent FOEs and JVEs can be established as limited liability companies. In an LLC, members are only liable for the debts of the company to the extent of the capital contribution they have poured into the company. There is usually no minimum capital requirement for foreign investors that intend to establish an LLC in Vietnam, although authorities will expect the investor to commit a reasonable amount of charter capital according to the scale and business scope of the project. An LLC can consist of a single member or multiple members, but the total number of members cannot exceed 50. Investors can be
24 corporations or individuals. Note: An LLC cannot issue shares. Joint-stock Companies FOEs and JVEs can also be established as joint-stock companies. A JSC can issue securities and bonds, so investors will often choose this form if they plan to go public in the future. The JSC’s charter capital is composed of shares belonging to founding shareholders in proportion to the capital they have subscribed. There is no minimum requirement for the charter capital of the foreign investors. A JSC is required to have at least three shareholders. There is no limitation on the maximum number of shareholders, nor on their nature – they can be individuals or institutions, Vietnamese or foreigners. Partnership Companies A partnership company is a legal entity established by at least two individuals who are the members of the partnership and co-owners of the enterprise. They are the general partners and are liable for all obligations of the partnership without limit. Unlimited liability partners must be individuals who shall be liable for the obligations of the company to the extent of all their assets. In addition, a partnership company can consist of limited liability members (individuals or organizations) who only contribute part of the capital and have limited liability and rights in the operation of the company. Note: Partnerships cannot issue any type of securities. Representative Offices In contrast to JVs and 100 percent FOEs, a representative office (RO) is forbidden from conducting any revenue-generating activities. Rather, ROs are permitted to conduct market
research, serve as a liaison with an overseas parent company and/or serve other supporting roles such as ensuring quality control, acting as a product showroom and helping to facilitate the execution of the contracts of the parent company. Unlike in certain other Asian countries, ROs in Vietnam are permitted to hire staff directly, both Vietnamese and expatriate. Branch Offices A branch office is the subsidiary of a parent company and does not constitute a separate legal entity according to Vietnamese law. Unlike an RO, a branch office is entitled to do business in Vietnam, although the law prohibits it from carrying out commercial activities other than those stated in the parent company’s business license. If a branch conducts business in a conditional sector, it is only allowed to operate upon meeting the prescribed conditions. To set up a branch, a parent company must have had conducted business in its home country for at least five years. Alternative Structures Business Cooperation Contracts A business cooperation contract is signed between multiple parties, typically between a foreign investor and a local company or the government with the objective of jointly conducting business operations in Vietnam on the basis of mutual allocation of responsibilities and sharing of profits or losses without creating partner or forming a legal entity in Vietnam. This form of business is a means of private financing without transferring management control to a foreign
25 Specific Authorized Projects Build-operate-transfer contracts, build-transfer-operate contracts and build-transfer contracts are specific projects carried out by foreign investors and an authorized governmental agency. These additional investment vehicles have been introduced in Vietnam to entice international capital into the infrastructure sector. Business scopes can range from traffic, electricity, production and business or a number of restricted sectors as stipulated by the Prime Minister. The difference between these contract types is at what point the title of the project is transferred to the government, namely after the investor commences the project, before the investor commences operations on a project, or immediately following completion of a project.
Vietnam’s Foreign-Invested Entity Market Entry Options
About Us Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email vietnam@dezshira.com or visit www.dezshira.com. Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.
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Customs Procedures in Vietnam By: Dezan Shira & Associates
F
ollowing 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. Customs documents required in Vietnam 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. The following are additional documents that may be requested by authorities depending on the imports in question: Imported goods require the following documents:
• • • • •
Bill of lading; Cargo release order; Commercial invoice; Customs import declaration form; Inspection report;
• •
Packing list; Technical standard/health certificate; and Terminal handling receipts. Exported goods need the following:
• • • • •
Bill of lading; Certificate of origin; Commercial invoice; Customs export declaration form; Packing list; and
Technical standard/health certificate. Processing times Export shipment procedures are typically completed on the same day. Import shipments typically take around 1 to 3 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. Priority customs treatment 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.
27 Qualifying for priority treatment
to benefit from the following:
Companies that meet the following standards, outlined under Decree No. 08/2015/ND-CP, will become eligible for preferential customs treatment:
•
•
•
•
Compliance with the law on customs and taxation from the date on which the enterprise files a priority application for a period of two years. Compliance with the law on accounting and auditing and subsequent compliance with Vietnamese Accounting Standards (VAS) Maintenance of a system and process for managing, monitoring and controlling import and export supply chains.
•
Maintenance of specific export and import turnover requirements. For those importing and exporting, an annual turnover of US$100 million is required. For those exporting goods made in Vietnam, an annual turnover of just US$40 million has been set while Vietnamese exporters of agricultural goods are only required to show turnover of US$30 million. Benefits afforded under priority treatment program According to the Law on Customs, companies qualifying for the priority treatment program will be eligible
Exemption from examination of supplementary customs documentation • Exemption from physical inspection of goods • Ability to submit incomplete customs declarations. It should be noted that within 30 days from the date of registration of incomplete customs declarations or submission of documentary evidence in substitution of customs declarations, customs declarants will be required to submit complete customs declarations. Prioritized access when carrying out tax formalities for goods in accordance with the law on taxation. Optimizing your customs experience 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.
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LUNE PRODUCTION
1. In Ha Noi - "Lang Toi" (My Village) Address: Hanoi Opera House, 1 Trang Tien St., Hoan Kiem District, Hanoi 2. In Ho Chi Minh - "A O Show, Teh Dar, The Mist" Address: Saigon Opera House, 7 Lam Son Square, Dist. 1 Discount details: 15% discount for for AAH![A], OOH![O] and WOW![W] zones tickets, 02 tickets per card per show date for ICham members who present membership card at Ticket Box and not to be combined with other promotions.
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PARK ROYAL SAIGON - 10% Off on Best Available Rate (Bar) - 10% off on Food & Beverage at Garden Brasserie, Lobby Lounge, Lotus Bar
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TWO IN ONE RESTAURANT 10% discount on each bill (not combined with Set menu and other current offer)
GREEN TANGERINE HANOI RESTAURANT 5% discount for all meals
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