Import

Viet Nam’s hardwood plywood exports to the US increased from US$112.3 million in 2018 to $226.4 million in 2019, $248.5 million in 2020 and $356.7 million last year. — VNA/VNS Photo The US Department of Commerce (DOC) has once again announced an extension of the deadline on its final conclusion on an anti-dumping and anti-subsidy tax evasion investigation into hardwood plywood imported from Viet Nam, according to the Ministry of Industry and Trade (MoIT). Specifically, the DOC will issue the conclusion on January 31, 2023. According to the DOC’s preliminary conclusions announced on July 25, plywood from Viet Nam using materials from China should be subject to the same anti-dumping and anti-subsidy duties applied to China. If the materials are produced in Viet Nam or other countries, the products will be exempt from any duties. Currently, the US is applying an anti-dumping duty of 183.36 per cent and an anti-subsidy tax of 22.98 per cent to 194.9 per cent on the product from … [Read more...] about US probe conclusion deadline on Vietnamese plywood imports extended

The general director of a pharmaceutical company in Vietnam has been accused of importing substandard cancer medicine whose origin was unknown. Nguyen Minh Hung, former chairman of the management board and general director of VN Pharma JSC, faces his trial at the Ho Chi Minh City People’s Court on Monday. Eight other defendants, namely Nguyen Tri Nhat and Ngo Anh Quoc, ex-directors of VN Pharma, Pham Anh Kiet, general director of Saigon Pharmaceutical Company (SAPHARCO), Vo Manh Cuong, director of H&C International Trading Shipping Company, and four other former officials of VN Pharma, were also present at the trial as Hung’s accomplices. According to the indictment, VN Pharma imported 9,000 boxes of H-Capita 500mg, a type of cancer medicine, in 2013. Questioning the origin of the medication, the Drug Administration of Vietnam under the Ministry of Health ordered a comprehensive inspection of the pharmaceutical firm and halted the distribution of the medicine. Results of … [Read more...] about ​Ex-director of Vietnamese pharmaceutical firm stands trial for importing fake medicine

In earlier September, the Ministry of Finance (MoF) finalised the draft Decree of the export tariff schedule and the preferential import tariff schedule, following the prime minister's decision on the introduction of import tax rates for gasoline and ethanol products. Previously, on August 8, the government issued Decree No.51/2022/ND-CP lowering the preferential import tax rates for unleaded motor gasoline coded between 2710.12.21 and 2710.12.29 from 20 per cent to 10 per cent. In addition to unleaded motor gasoline, heading 27.10 also includes petroleum products with different octane ratings than motor gasoline. These items function as input materials for the manufacturing of paint or gasoline blending, with HS codes 2710.12.31, 2710.12.39, 2710.12.40, 2710.12.50, 2710.12.60, 2710.12.70, 2710.12.80, 2710.12.91, 2710.12.92, 2710.12.99 and have a preferential tax rate of 20 per cent. The tax adjustment will cut the cost of petroleum To guarantee consistency with … [Read more...] about MoF proposes to reduce import tax on gasoline and ethanol goods

Bangkok (VNA/NNT) – The Thai government has affirmed its plan to prohibit plastic scrap imports by 2025, with the ban to be implemented in stages over the next three years. Natural Resources and Environment Minister Varawut Silpa-archa made the announcement while chairing a meeting of a subcommittee on plastic and electronic waste management. The meeting was held to discuss the production capacity of plastic scrap-related factories and banning the import of plastic scrap for raw materials in the industrial sector. Varawut said the ban, which had been considered since 2020, seeks to rid Thailand of plastic waste in a major step towards ensuring public safety and protecting the environment. He added that the panel agreed that 14 plants located in free trade zones would be authorized to import plastic scrap until 2024. This would be carried out and limited in two phases, with the first phase commencing in 2023 to limit the amount of imported scrap based on actual production … [Read more...] about Thailand to ban plastic scrap imports by 2025

The EU provides Vietnam with an annual quota of 80,000 tonnes of rice, comprising 30,000 tonnes of milled rice, 20,000 tonnes of unmilled rice, and 30,000 tonnes of fragrant rice, in accordance with the EU-Vietnam Free Trade Agreement (EVFTA). As of mid-August, the harvested yield reached roughly 28 million tonnes. Photo: Duc Thanh The EU will entirely liberalise broken rice, enabling Vietnam to export an estimated 100,000 tonnes of rice to the EU annually. After three to five years, the EU will eliminate taxation on rice goods. In 2022, rice shipments to the EU will continue to increase. The quota of 80,000 tonnes that qualify for the preferential tax rate of 0 per cent from the EVFTA was not met in 2021 and there has been a rising trend of rice consumption in the EU as a result of the attractiveness of Asian cuisine. Traditional markets for Vietnamese rice include Germany, the Netherlands, Italy, and Poland. The modest downward adjustment of 25 per cent for … [Read more...] about The EU import tariff on milled rice set at $64 per tonne

Meetings between Incheon firms and Vietnamese partners at the event. — VNS Photo Mai Huong About 170 direct meetings between nearly 100 Vietnamese importers and 25 enterprises from Incheon City, South Korea, took place at the Ha Noi-Incheon trade fair organised by the Korea Trade and Investment Promotion Agency (KOTRA Hanoi) this week. Incheon is one of South Korea’s largest export hubs with many key industrial production complexes. Its businesses introduced diverse products ranging from cosmetics-beauty equipment, instant food, smart home appliances to education products, medical instruments, electronic devices and industrial equipment. Kim Yo Keun, director of Prime Co Lt, which specialises in manufacturing dishwashers, said: “The Vietnamese market is still a potential market for Korean businesses. Our company is working hard to meet Viet Nam's demand for dishwashers. Currently, Prime's exports to Viet Nam reach 300 million won (US$213 million)/year.” Pham Ngoc Ba, director … [Read more...] about Incheon businesses seek trade opportunities with VN importers

Speaking at a conference Friday on the development of a scientific and technological market, he said the purpose of importing core technologies is to "decode, absorb and master [them] to speed up businesses’ technological renovation." At the conference, organized amid Vietnam’s efforts to link up research institutes and universities with businesses, Chinh affirmed the important role of a sci-tech market in developing a market economy and speeding up renovation to achieve economic breakthroughs, quality and competitive capabilities. He said in recent years Vietnam’s sci-tech market has been growing steadily with research institutes, universities and scientists churning out works that industry welcomes and businesses’ demand and ability to master new technologies also improving. Twenty technology exchanges have been set up to bring the two sides together, he said. But he admitted there is still much to be done to commercialize academic research, build strong and trusted … [Read more...] about Vietnam will encourage businesses to import core tech: PM Chinh

An overview of Nen Chua archeological site in Kien Giang province (Source: Institute of Imperial Citadel Studies) Hanoi (VNA) – A large number of items have been excavated in the Oc Eo-Ba The and Nen Chua archeological relic sites, most of which are ceramics and glass jewelry. After four years of implementing the Oc Eo cultural archeology project at the Oc Eo-Ba The and Nen Chua relic sites, researchers have found nearly 2.8 million artifacts, of which, more than 2.3 million artifacts were discovered at Oc Eo-Ba Chua site, and 414,446 archaeological artifacts found at Nen Chua site. Among the discovered relics, two were recognised as National Treasures in late 2021. They are stone carved with a meditating Buddha image and a gold Nandin Giong Cat Ring. On March 25, the Vietnam Academy of Social Sciences (VASS) announced the results of the project. VSS President, Associate Prof. De. Bui Nhat Quang said that this is a large-scale scientific project that started in 2017. The … [Read more...] about New important findings shed light on past at Oc Eo archaeological site

Prime Minister Pham Minh Chinh speaks at the event. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh emphasised the importance of planning work at a meeting of an evaluation council for the national master plan in 2021-2030 with a vision to 2050 in Hanoi on September 14. He noted that this is the first ever national master plan which concretises the orientations outlined by the 13th National Party Congress and other documents of the Party Central Committee. Therefore, the master plan must clearly identify the country’s distinctive potential, opportunities and competitive edges, thus working out suitable solutions to optimize all resources, the Government leader said. He also underlined the feasibility of the master plan, adding that for the reason, the evaluation of the draft master plan is all the more important. The evaluation council for the national master plan in 2021-2030 with a vision to 2050, was set up under the PM’s Decision 965/QD-TTg with … [Read more...] about PM emphasises importance of planning work

He noted that this is the first ever national master plan which concretizes the orientations outlined by the 13th National Party Congress and other documents of the Party Central Committee. Therefore, the master plan must clearly identify the country’s distinctive potential, opportunities and competitive edges, thus working out suitable solutions to optimize all resources, the Government leader said. He also underlined the feasibility of the master plan, adding that for the reason, the evaluation of the draft master plan is all the more important. The evaluation council for the national master plan in 2021-2030 with a vision to 2050, was set up under the PM’s Decision 965/QD-TTg with Deputy Prime Minister Le Van Thanh as its chairman. The national master plan is the first of its kind, drafted in accordance with the 2017 Planning Law. It is expected to concretize the national strategy for socio-economic development in 2021-2030. Minister of Planning and Investment Nguyen Chi … [Read more...] about PM emphasizes importance of planning work