Customs authorities are tightening regulations to assist in the prevention of illegal wood exporting At a recent workshop on international best practices to prevent origin fraud and related issues, Au Anh Tuan, director of customs control and supervision under the General Department of Vietnam Customs (GDVC), told VIR that the department suggested the Ministry of Industry and Trade (MoIT) to revise Decree No.185/2013/ND-CP. The decree, introduced in 2013, provides penalties on violations in commercial activities, and production of and trading with counterfeit or banned goods. However, the GDVC did not mention the form the revision would take. Under the GDVC’s Document No.5189/TCHQ-GSQL released in August, specific directions are given to localities’ customs departments in order to strengthen border control and tackle fraud related to origin of goods. Under the new regulations, all wood enterprises exporting to the US must go through the red channel, indicating that they … [Read more...] about Inspections to shore up wood industry
Moit
Imported cars to be more expensive as VN raises luxury tax
The Ministry of Industry and Trade (MOIT) has proposed raising luxury tax on some car models with fewer than nine seats. The General Department of Customs (GDC) reported that 96,000 cars had been imported to Vietnam by the end of August, worth $2.1 billion, which represented a 229 percent increase in quantity and 205.6 percent in value in comparison with the same period last year. Of these, the imports from Thailand and Indonesia accounted for more than 70 percent of total imports. Vietnam’s domestically made output is far below that of Thailand and Indonesia, 200,000 products a year vs 2 million and 1.3 million products, respectively. Vietnam also has a lower localization ratio than the two countries, 20 percent vs 60-80 percent and 45-70 percent, respectively. For these reasons, MOIT believes that there should be solutions to develop the domestic automobile industry and help domestic products compete with imports. One of the solutions the ministry has proposed is … [Read more...] about Imported cars to be more expensive as VN raises luxury tax
Consumers begin to feel pork pinch
With the price of pork soaring, consumers begin to look for alternatives such as poultry, beef, and seafood (Photo: Le Toan) Since early November, the price of pork has been increasing rapidly. In some provinces, the price of live pigs has hit a record of VND80,000 ($3.45) per kilogramme, an almost 170 per cent increase in just six months. The record tally has already pushed the price of pork in wet markets across the country up to VND170,000 ($7.40) per kilogramme. The price of other foodstuff made from pork, such as Vietnamese sausages, has also hiked up to VND40,000 ($1.70) per kilogramme. In some shops and restaurants in Hanoi, the rise has led to increases of up to VND10,000 ($0.40) per dish. Last week, Duong Thu Ha, a bank officer in the centre of the capital, was surprised at the increased fee of the noodles with pork that she usually has for lunch. “They used to charge me VND35,000 ($1.50), but now a dish can be either VND10,000 more expensive or if it has the same … [Read more...] about Consumers begin to feel pork pinch
Plan aims to raise Vietnam’s position in global logistics rankings
Containers are loaded at Da Nang Port in Da Nang city (Photo: VNA) Hanoi (VNA) – The Ministry of Industry and Trade (MoIT) is aiming to raise Vietnam’s ranking in the World Bank’s Logistics Performance Index (LPI) by five to 10 places by 2025. In 2018, Vietnam stood at 39th position in the global LPI rankings. The target was set in the MoIT’s recently-issued plan for improving Vietnam’s logistics performance, part of efforts to realise the Government’s Resolution No.02/NQ-CP on the continued implementation of solutions to improve the business climate and national competitiveness in 2019. [Video: VN among the world’s top ten emerging markets by logistics] The plan set up 49 tasks associated with sub-indexes of the LPI for ministries, sectors, and localities. Task groups include those on upgrading infrastructure, improving the distribution capacity, promoting the competence and quality of logistics services, maximising the ability to track … [Read more...] about Plan aims to raise Vietnam’s position in global logistics rankings
Vietnam’s foreign trade to exceed 500 billion USD in 2019
Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam’s foreign trade turnover is likely to surpass 500 billion USD in 2019, Deputy Minister of Industry and Trade Do Thang Hai said at a press conference in Hanoi on December 12. The total import-export turnover in January-November was estimated at 472 billion USD, he noted. In the 11-month period, Vietnam exported 241.7 billion USD worth of goods, a year-on-year rise of 7.9 percent. The country spent 230.7 billion USD on imports, up 6.6 percent from the same period last year. Hai said these outcomes were achieved in the context of sluggish global economy due to increasing risks, challenges, and trade protectionism. Despites difficulties in 2019, the Vietnamese Government and ministries have spared no effort to simplify administrative and investment procedures, said Nguyen Cam Trang, deputy head of the Import-Export Department under the Ministry of Industry and Trade (MoIT). To date, Vietnam has joined negotiation and … [Read more...] about Vietnam’s foreign trade to exceed 500 billion USD in 2019
