Illustrative image (Photo: VNA) Hanoi (VNA) – The Ministry of Industry and Trade has announced amendments to the rules of origin under the ASEAN-China Free Trade Agreement (ACFTA), which will take effect on September 12. Commodities are considered having clear origins only if they are wholly produced from materials with traceable origins. Aside from the regional value content (RVC), the general rule also applies the change in tariff classification (CTC) at 4-digit, De Minimis rule, identical and interchangeable materials. Regarding processing time for tracing origin, in case certificate of origin (CO) issuing authority of exporting countries do not respond within 90 days after receiving importers’ request for confirming origin, the authority may submit documents to extend the deadline to the next 90 days. In addition to the general rule, the product specific rule (PSR) was built on the Harmonised System (HS) 2017, which added origin criteria for various goods. … [Read more...] about Ministry announces changes in rules of origin in ASEAN-China FTA
Asean china free trade agreement acfta
ASEAN, China adopt strategic partnership vision 2030
Recalling our commitment to fostering friendly relations, mutually beneficial cooperation and good neighbourliness between ASEAN and China, under the Joint Declaration of the Heads of State/Government of ASEAN and the People's Republic of China on Strategic Partnership for Peace and Prosperity signed on 8 October 2003 in Indonesia, and the Joint Statement of the 16th ASEAN-China Summit on the Commemoration of the 10th Anniversary of the ASEAN-China Strategic Partnership adopted on 9 October 2013 in Brunei Darussalam; Recognising that over the past fifteen years, the ASEAN-China Strategic Partnership has contributed significantly to regional peace, stability and prosperity, and expanded the broad cooperation agenda between ASEAN and China, thereby strengthening ASEAN-China relations which are among the most substantial, dynamic and mutually beneficial relationships; Recognising that ASEAN-China relations have entered into a new era with the realisation of the ASEAN … [Read more...] about ASEAN, China adopt strategic partnership vision 2030
Vietnam’s customs revenue up 6.82% in Jan – Oct
The Hanoitimes - The revenue is equal to 89.8% of the year’s plan and 86.74% of the expectation, local media reported. Vietnam's import-export duty revenue reached VND254.16 trillion (US$10.89 billion) in the first ten months of 2018, up 6.82% compared to the corresponding period last year, according to the General Department of Vietnam Customs (GDVC). Illustrative photo. The revenue is equal to 89.8% of the year’s estimate and 86.74% of the expectation. According to the GDVC, Vietnam’s trade turnover in the January – October period reached US$394.11 billion, up 13% year-on-year. Of the total, exports amounted to US$200.27 billion, up 14.2% year-on-year and imports US$193.84 billion, up 11.8%. This resulted in a trade surplus of US$6.43 billion during the period. In October, Vietnam’s trade revenue reached US$41.5 billion, up 2.1% month-on-month, in which exports stood at US$20.8 billion, down 1.5% month-on-month and … [Read more...] about Vietnam’s customs revenue up 6.82% in Jan – Oct
ASEAN, China intensify cooperation in food safety, quarantine
An overview of sixth ASEAN-China Ministerial Meeting on SPS Cooperation (Source: VNA) Hanoi (VNA) – The sixth ASEAN-China Ministerial Meeting on Quality Supervision, Inspection, and Quarantine (SPS) Cooperation was held in Hanoi on October 12. The meeting is held biennially to intensify dialogue and cooperation on SPS and boost the trading of agricultural products between the Association of Southeast Asian Nations (ASEAN) and China. Vietnamese Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that over the past three decades, the bilateral partnership has been expanded to numerous fields, in which the SPS cooperation plays an important role with many activities being implemented to facilitate the flow and trading of agricultural products between the two sides. Last year, ASEAN-China trade made a record high of nearly 515 billion USD, with food and farm produce being an important contributor. Since the ASEAN-China Free Trade Area (ACFTA) was formed in … [Read more...] about ASEAN, China intensify cooperation in food safety, quarantine
Vietnam’s customs revenue up 5.21% in Jan – Sep
The Hanoitimes - The revenue is equal to 79.54% of estimation and 76.83% of the 2018 target, Hai Quan newspaper reported. Vietnam`s import-export duty revenue reached VND225.11 trillion (US$9.66 billion) in the first nine months of 2018, up 5.21% compared to the corresponding period last year, according to the General Department of Vietnam Customs (GDVC). Illustrative photo. The revenue is equal to 76.83% of the 2018 target. According to the GDVC's Import-Export Tax Department, customs revenue in the January - August period decreased by VND17.9 trillion (US$768.28 million) due to tariff cuts under free trade agreement commitments, while revenue from the export-import and special consumption taxes in the first nine months of 2018 is on a downtrend. However, a significant jump in imports (15%) in the January - September period led to a 12.53% increase in value-added tax year-on-year, which is one of the reason behind a higher customs revenue during this period … [Read more...] about Vietnam’s customs revenue up 5.21% in Jan – Sep