New legislation strengthens Vietnam’s trade remedy rules: finance ministry

Safeguard measures can now be applied for a maximum of 10 years to protect local industries from injury.
new legislation strengthens vietnams trade remedy rules finance ministry Right multi-level marketing would not be prevented in terms of legislation
new legislation strengthens vietnams trade remedy rules finance ministry President: agencies must fight corruption
new legislation strengthens vietnams trade remedy rules finance ministry Determine offset for VAT refund
new legislation strengthens vietnams trade remedy rules finance ministry
On the global market, Vietnamese products have been the subject of approximately 100 trade remedy cases in foreign countries.

A new law that came into effect last month is particularly important for foreign companies exporting to Vietnam as it has strengthened existing regulations on trade remedy duties, according to the Ministry of Finance.

The Law on Export and Import Duties 2016, for the first time, includes a whole chapter on antidumping, countervailing and safeguard duties, the ministry said in a recent post on its website.

Under the new law, trade remedy duties will be added on top of ordinary import tariffs, but only after the result of dumping investigation is affirmative.

The extra duties will be reduced or removed when foreign enterprises no longer have any harmful impact on the local industry.

The law also stipulates that the maximum applicable period for safeguard measures will be 10 years, while previously it was only four years, not including extensions. Antidumping and countervailing duties can be imposed for up to five years with possible extensions.

Pham Anh Tuan, deputy director of the ministry’s International Cooperation Department, said trade remedies have been included in various legal documents since 2014 and are consistent with the legal framework of the World Trade Organization.

But this is the first time detailed rules regarding trade remedies have entered a Vietnamese law, Tuan said, adding that each particular case will be given specific guidelines by the authorities to protect local industries against unfair competition.

Since becoming a WTO member in 2007, Vietnam has signed several more trade agreements that have and will open up the local market for imports.

Vietnamese authorities have taken antidumping and safeguard actions in six cases so far.

On the global market, Vietnamese products have been the subject of approximately 100 trade remedy cases in foreign countries.

new legislation strengthens vietnams trade remedy rules finance ministry More new regulations in developing financial legislation

VCN - The Ministry of Finance has issued Decision No. 1480/QĐ-TTg about regulations for creating and promulgating ...

The government is also drafting the Law on Foreign Trade Administration. The bill is expected to be discussed by legislators later this month.

Source: Vnexpress

Related News

Total import-export turnover reaches US$715.55 billion in 11 months

Total import-export turnover reaches US$715.55 billion in 11 months

VCN - In November, total import-export turnover amounted to US$66.4 billion, down 4.1% compared to the previous month but up 9.0% compared to the same period last year.
Customs sector collects over VND384 trillion in revenue

Customs sector collects over VND384 trillion in revenue

VCN - By the end of November, the Customs revenue exceeded the estimate by 2.6% and increased by 14.8% compared to the same period in 2023, the General Department of Vietnam Customs released on December 11.
Preliminary assessment of Vietnam international merchandise trade performance in the first half of November, 2024

Preliminary assessment of Vietnam international merchandise trade performance in the first half of November, 2024

The Vietnam Customs Statistics announced that in the first half (01-15/11/2024) of November-2024, Vietnam’s total exports of US dollars 16.73 billion and imports of US dollars 16.7 billion resulted in a trade surplus of nearly US dollars 31 million. Accordingly, the total value of export and import turnover of Vietnam in the first half of November was US dollars 33.44 billion, down by 9.7% as compared to the second half of October-2024.
Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2024

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2024

1. According to trade statistics of Vietnam Customs, in October of 2024, a 5.2% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of September 2024. Exports went up 4.6 %, to USD 35.64 billion and imports increased 5.8%, to USD 33.60 billion in terms of month-on-month basis. As a result, there was a USD 2.03 billion surplus in Vietnam’s trade balance in this month.

Latest News

Actively listening to the voice of the business community

Actively listening to the voice of the business community

VCN - Recognizing the Customs-business relationship as a long-term partnership, the Customs authority has organized hundreds of dialogues with businesses since the beginning of the year. These efforts aim to promptly address challenges, resolve obstacles, and facilitate import-export activities. Such meetings offer an opportunity for the Customs authority and the business community to exchange, share insights, and find solutions to enhance operational quality and efficiency.
Step up negotiations on customs commitments within the FTA framework

Step up negotiations on customs commitments within the FTA framework

VCN - Promoting negotiations on customs commitments within the framework of free trade agreements (FTAs) plays an important role in facilitating import and export activities. These commitments not only help optimize the customs clearance process but also minimize costs and risks for businesses, opening up great opportunities for Vietnamese goods to access deeper into the international market.
Proposal to amend regulations on goods circulation

Proposal to amend regulations on goods circulation

VCN - To perfect the policy on customs procedures, inspection and supervision, enterprises and associations have contributed many ideas from practical activities. Thereby, the Drafting Committee (General Department of Customs) has more perspectives to build policies to meet the goal of facilitating trade and ensuring state management of customs.
Review of VAT exemptions for imported machinery and equipment

Review of VAT exemptions for imported machinery and equipment

VCN - The General Department of Vietnam Customs has directed provincial and municipal customs departments to review, inspect, and address issues related to the implementation of VAT exemption policies for specialized machinery and equipment used in agricultural production.

More News

Customs tightens oversight on e-commerce imports

Customs tightens oversight on e-commerce imports

VCN - The General Department of Vietnam Customs has issued new directives to enhance the management of imported goods transacted through e-commerce platforms, addressing ambiguities and ensuring consistent enforcement across provincial and municipal customs departments.
Bringing practical experience into customs management policy

Bringing practical experience into customs management policy

VCN - At the workshop to collect opinions from Southern Customs units on the draft Decree amending and supplementing Decree 08/2015/ND-CP dated January 21, 2015 of the Government; the draft Circular amending and supplementing Circular 38/2015/TT-BTC dated March 25, 2015 and Circular 39/2018/TT-BTC dated April 20, 2018 of the Minister of Finance, organized by the General Department of Customs last weekend, many Southern Customs units contributed specific contents from practical operations in the locality.
Businesses anticipate new policies on customs procedures and supervision

Businesses anticipate new policies on customs procedures and supervision

VCN - With this year’s import-export turnover estimated at nearly US$800 billion and forecasting to surpass this milestone next year, the business community holds high expectations for upcoming amendments and supplements to customs management, procedures, and supervision policies. These changes are expected not only to facilitate trade but also to enhance state management efficiency and support economic development.
Do exported foods need iodine supplementation?

Do exported foods need iodine supplementation?

VCN - Currently, Vietnamese processed food products, including seafood products, have been exported to more than 160 countries, and no country has yet required that "salt used in food processing must be salt with added iodine".
Amendments to the Value-Added Tax Law passed: Fertilizers to be taxed at 5%

Amendments to the Value-Added Tax Law passed: Fertilizers to be taxed at 5%

VCN - With the majority of National Assembly deputies voting in favor, the National Assembly officially approved the revised Value-Added Tax (VAT) Law during its afternoon session on November 26, 2024, as part of the 8th session's agenda.
Proposal to change the application time of new regulations on construction materials import

Proposal to change the application time of new regulations on construction materials import

VCN - To comply with the circular on quality management of construction materials, many businesses importing this item are complaining about difficulties and asking for an extension of the implementation time.
Ministry of Finance proposed to reduce VAT by 2% in the first 6 months of 2025

Ministry of Finance proposed to reduce VAT by 2% in the first 6 months of 2025

VCN - In order to promote the early recovery and development of production and business activities, contributing back to the State budget, the Ministry of Finance proposed to continue reducing 2% of VAT on groups of goods and services currently subject to a tax rate of 10% in the first 6 months of 2025.
Hanoi Customs resolves tax policy queries for enterprises

Hanoi Customs resolves tax policy queries for enterprises

VCN - Queries regarding customs consultation procedures and tax refunds due to price reduction clauses were addressed by the Hanoi Customs Department, providing clarity for businesses.
Regularly check tax obligations to avoid temporary exit suspension

Regularly check tax obligations to avoid temporary exit suspension

VCN - In order to avoid the situation of arriving at the airport or border gate and only finding out that you owe taxes and being temporarily suspended from leaving the country by the Tax Authority, the Tax Authority recommends that taxpayers regularly look up their tax obligations to have a plan to pay taxes on time, not letting the tax debt situation drag on and drag on.
Read More

Your care

Latest Most read
Actively listening to the voice of the business community

Actively listening to the voice of the business community

Recognizing the Customs-business relationship as a long-term partnership, the Customs authority has organized hundreds of dialogues with businesses since the beginning of the year
Step up negotiations on customs commitments within the FTA framework

Step up negotiations on customs commitments within the FTA framework

VCN - In addition to promoting negotiations on customs commitments within the framework of FTAs ​​under negotiation, the General Department of Customs actively supports businesses to effectively utilize commitments in signed FTAs, especially CPTPP, EVFTA,
Proposal to amend regulations on goods circulation

Proposal to amend regulations on goods circulation

VCN - The Vietnam Association of Maritime Agents, Brokers and Services has proposes to amend and supplement regulations related to the transport of goods subject to customs supervision.
Review of VAT exemptions for imported machinery and equipment

Review of VAT exemptions for imported machinery and equipment

The General Department of Vietnam Customs has directed provincial and municipal customs departments to review, inspect, and address issues related to the implementation of VAT exemption policies for specialized machinery and equipment used in agricultural
Customs tightens oversight on e-commerce imports

Customs tightens oversight on e-commerce imports

The General Department of Vietnam Customs has issued new directives to enhance the management of imported goods transacted through e-commerce platforms
Mobile Version