Customs alert - Vietnam’s nomenclature of exports and imports & New FTA tariff schedules
Customs alert - February 2023
The Circular no.31/2022/TT-BTC which takes effect from 30/12/2022 brings a lot of change to the old nomenclature of imported & exported goods in Vietnam, and this will certainly affect the way you classify/ determine HS code for your products. Please find enclosed the full Official letter no. 4891/TCHQ-TXNK of the General Department of Vietnam Customs, which provides a brief summary of important changes in this new nomenclature of imported & exported goods in Vietnam.
In addition, 2023 is also the milestone of renewing special-preferential tariff schedules (“FTA tariff schedules”) under various FTAs that Vietnam has taken part in. Please find in below the summarised table of all new FTA tariff schedules which have just been released last December, together with the Official no. 315/TCHQ-TXNK of the General Department of Vietnam Customs on declaration process (on VNACCS/VCIS system) and determination of the new duty rate under new regulations.
We do trust the above points are notable and sufficient, but should you have any questions or need a deeper discussion on this issue, please do not hesitate to contact us.
For regulation changes and tax matters, we can provide you with assistance on:
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- Customs advisory: Compliance & reporting; FTA and C/O; Harmonised System code classification and valuation; Inventory control; International trade arrangement; and Others.