Maximizing benefits from strict compliance with commitments on import and export tax incentives

VCN - Customs held a talk show “Take advantages of import and export tax incentives in FTAs to boost economic growth”.
Enterprise, Customs face difficulties in implementing tax incentives for recycled products Enterprise, Customs face difficulties in implementing tax incentives for recycled products
Fully make use of tax incentives from EVFTA, promote exports to high-end markets Fully make use of tax incentives from EVFTA, promote exports to high-end markets
Gifts not subject to tax incentives under Resolution 106 Gifts not subject to tax incentives under Resolution 106
Maximizing benefits from strict compliance with commitments on import and export tax incentives
Speakers attended the online talk show "Take advantages of import and export tax incentives in FTAs to boost economic growth”.

On December 30, 2022, the Government signed and promulgated 17 Decrees stipulating Preferential Export Tariffs and Special Preferential Import Tariffs to implement Trade Agreements and Economic Partnership Agreements.

The Decrees are issued to harmonize Vietnam’s List of import and export goods, deploy the ASEAN Harmonised Tariff Nomenclature (AHTN 2022), and fulfill Vietnam's commitments on import tax in the 2022-2027 period. These Decrees take effect from December 30, 2022 and replace the Decrees for the 2018-2022 period.

To help readers have a comprehensive and clear understanding of the contents of 17 Decrees and recommend businesses on how to effectively implement Vietnam's import and export tax commitments described in the Decrees, Customs News held the talk show "Take advantages of import and export tax incentives in FTAs to boost economic growth”.

Ms. Vu Thi Anh Hong, Editor-in-Chief of Customs News, delivered the opening speech.
Ms. Vu Thi Anh Hong, Editor-in-Chief of Customs News, delivered the opening speech.

Speaking at the opening of the talk show, Ms. Vu Thi Anh Hong, Editor-in-Chief of Customs News, said that Vietnam currently has trade relations with 230 countries and territories, including free trade agreements with 60 economies.

Vietnam is also implementing commitments on preferential export tax and special preferential import tax within the framework of 15 Free Trade Agreements (FTA) and two Preferential Trade Agreements (PTA). This is an opportunity for Vietnamese businesses to expand their markets, accelerate exports and more deeply participate in the global value chain and production network.

At the talk show, the speakers will discuss the results and advantages of the implementation of the FTAs and Economic Partnership Agreements in the 2018-2022 period; thereby proposing orientations and solutions for the implementation of tax commitments in the new period of 2022-2027.

“The issue is how to take full advantage of the benefits from Vietnam's strict compliance with commitments on export tax incentives and special import tax incentives specified in 17 new Decrees,” said Ms. Vu Thi Anh Hong.

The talk show is also one of the activities in the plan to disseminate and introduce the 17 Decrees, thereby helping businesses understand and effectively implement Vietnam's import and export tax commitments described in these agreements.

At the talk show, the speakers Mr. Pham Tuan Anh, Deputy Director of International Cooperation Department (Ministry of Finance); Mr. Dao Duy Tam, Deputy Director of Customs Control and Supervision Department (General Department of Customs); Ms. Nguyen Thi Thu Trang – Director of the Center for WTO and International Trade, Vietnam Chamber of Commerce and Industry jointly assessed the implementation and impacts when implementing the preferential tariffs in the 2018-2022 period; the promulgation of 17 decrees on preferential import and export Tariffs in the new period as well as the impacts of these decrees on economic growth and the development of businesses.

Moreover, the speakers also focused on clarifying obstacles and difficulties in the implementation of preferential tax tariffs in the previous period, thereby offering solutions to help businesses take full advantage of the implementation of Vietnam’s commitments on import and export tax in the new period, thereby fostering import and export of enterprises and economic development.

By Hoai Anh/ Huyen Trang

Related News

Latest News

Corporate bond maturity in 2024 remains high: MoF

Corporate bond maturity in 2024 remains high: MoF

The volume of corporate bonds maturing in 2024, though lower than that in 2023, is till at a high level, mostly in industries with payment risks such as real estate and renewable energy, according to a report by the Ministry of Finance (MoF).
Support clearance procedures for imported gold for bidding

Support clearance procedures for imported gold for bidding

VCN - The State Bank (SBV) has sent a document to competent ministries and branches requesting coordination in implementing the Prime Minister's direction in gold market management.
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low

The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low

VCN - According to forecasts, Vietnam's financial sector in 2024 will be more positive, with the exchange rate gradually cooling down from the end of the second quarter of 2024, while interest rates will remain low to promote growth.
Majority of credit institutions forecast profit growth in 2024

Majority of credit institutions forecast profit growth in 2024

A total of 86.2% of credit institutions expect their profit this year to grow compared to 2023, according to the latest survey of the State Bank of Vietnam (SBV).

More News

Central bank plans to auction gold bars on April 22

Central bank plans to auction gold bars on April 22

The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Old loans must endure higher interest rates temporarily: central bank

Old loans must endure higher interest rates temporarily: central bank

The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
State-owned enterprises flourished

State-owned enterprises flourished

VCN - The production and business situation in the first quarter of 2024 of the state-owned enterprise sector continues to have many bright spots with many financial targets completed or exceeding the set plan. This is the premise for positive business results in the second quarter and the whole year 2024.
Forum discusses support for women-owned firms ​to join supply chains

Forum discusses support for women-owned firms ​to join supply chains

A forum on supporting women-owned businesses to join supply chains through sustainable development tools took place in Hanoi on April 17.
Ensure savings and prevent losses in disbursement of public investment

Ensure savings and prevent losses in disbursement of public investment

VCN - The practice of thrift and combating waste in the management and use of public investment is one of key tasks in the program of thrift practice and waste combat in 2024 of the Ministry of Finance.
Implementing unprecedented fiscal policies to actively support people and businesses

Implementing unprecedented fiscal policies to actively support people and businesses

VCN - Implementing fiscal policies to support the economy, the Ministry of Finance has advised and offered many unprecedented solutions to reduce taxes, fees and charges, thereby supporting people and businesses to overcome difficulties, restore production and business. According to assessments, in 2024 fiscal policy will continue to be a positive highlight for the economy.
Foreign investors net sell in Vietnamese market, banking sector attracts interest

Foreign investors net sell in Vietnamese market, banking sector attracts interest

According to BSC, foreign investors sold a net total of VNĐ11.55 trillion across all three exchanges in the first three months of 2024, equivalent to 50.62 per cent of the total net selling value in 2023. The selling pressure came from active funds and ETFs, resulting in a continued net withdrawal state and exerting pressure on the market.
Banks record positive business indicators in Q1 2024

Banks record positive business indicators in Q1 2024

According to experts, the prosperity of the banking industry in the period came from many supporting factors, including favourable policies to credit growth.
The finance sector focuses on perfecting institutions, ensuring financial discipline, and budgetary rigor

The finance sector focuses on perfecting institutions, ensuring financial discipline, and budgetary rigor

VCN- In the document sent to the Ministry of Planning and Investment (MPI) regarding the implementation of Resolution No. 01/NQ-CP in the field of state finance and budget in March 2024, the Ministry of Finance stated that it actively implemented projects to build and improve institutions, ensuring the balance of the state budget and stability in the financial market and prices.
Read More

Your care

Latest Most read
Corporate bond maturity in 2024 remains high: MoF

Corporate bond maturity in 2024 remains high: MoF

The volume of corporate bonds maturing in 2024, though lower than that in 2023, is till at a high level, mostly in industries with payment risks such as real estate and renewable energy, according to a report by the Ministry of Finance (MoF).
Support clearance procedures for imported gold for bidding

Support clearance procedures for imported gold for bidding

The State Bank (SBV) has sent a document to competent ministries and branches requesting coordination in implementing the Prime Minister's direction in gold market management.
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low

The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low

VCN - According to Vu Nhu Thang, Deputy Chairman in charge of NFSC, the economy in 2024 has more prospects than 2023 thanks to the strong promotion of public investment and specific policies to promote production activities, consumer economy, and investme
Majority of credit institutions forecast profit growth in 2024

Majority of credit institutions forecast profit growth in 2024

A total of 86.2% of credit institutions expect their profit this year to grow compared to 2023, according to the latest survey of the State Bank of Vietnam (SBV).
Central bank plans to auction gold bars on April 22

Central bank plans to auction gold bars on April 22

The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Mobile Version