On January 13, 2020, the US Department of the Treasury announced that it had delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of 20 major US trading partners. Treasury also assessed developments over the last several months with China and its currency practices. The announcement said: The Report concluded that while the currency practices…
The Ministry of Finance (MOF) has released a draft decree promulgating the management of exported and imported goods in cross-border e-commerce (“Draft Decree”). This is considered a positive Government initiative designed to facilitate, and ultimately expedite, the flow of e-commerce goods into Vietnam. An alternative for e-commerce transactions in customs clearance procedures The Draft Decree, as introduced by the MOF, acts as an alternative for exporters and importers in conducting customs clearance of goods purchased…
The entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) brings with it preferential import tariff rates applicable to CPTPP originating goods. Import tariffs can amount to a substantial increase on the end cost of goods. For businesses operating in a competitive market, preferential tariff rates may afford them a comparative advantage by reducing costs. Under the CPTPP, tariff rate reductions occur automatically after the Agreement has entered into force in a member country’s territory. Accordingly, exporters of most CPTPP originating goods can enjoy preferential tariff rates immediately.
On April 18, 2019, Vietnam Customs reported that on April 16, 2019, under the presidency of Deputy Director General Nguyen Duong Thai, the General Department of Customs held the first meeting on the revised contents of the draft Circular amending and supplementing Circular 39/2015/TT-BTC on customs value of imported and exported goods. The report stated:
On April 18, 2019, Vietnam Customs reported that on April 16, 2019, under the presidency of Deputy Director General Nguyen Duong Thai, the General Department of Customs held the first meeting on the revised contents of the draft Circular amending and supplementing Circular 39/2015/TT-BTC on customs value of imported and exported goods. The report stated:
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially entered into force for Vietnam on 14 January 2019. From a customs perspective, there are a number of noteworthy issues as follows:
On January 19, 2019, Global Affairs Canada reported that the inaugural Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission meeting was successfully concluded. The CPTPP Commission, consisting of representatives from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam (the countries for which the CPTPP has entered into force), met in Tokyo, Japan and concluded their session by issuing a Ministerial statement. The Commission meeting allowed CPTPP countries to chart a course for next steps as well as agree on a framework for the accession of new members. The Ministerial Statement follows:
On 12 November 2018, the Vietnam National Assembly ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”), which came into effect on 30 December 2018 for the first six ratifying Members and on 14 January 2019 for Vietnam.
On 30 December 2018, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP-11) will enter into force for Australia, Canada, Japan, Mexico, New Zealand and Singapore. On 14 January 2019, the TPP-11 will enter into force for Vietnam. DHA Notice № 2018/37 summarises the implementation for goods.
On December 5, 2018, the Canada Border Services Agency (CBSA) issued Customs Notice 18-22 Implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which announces that the CPTPP will be implemented in Canada, Australia, Japan, Mexico, New Zealand and Singapore on December 30, 2018. Additionally, the Agreement will enter into force for Vietnam on January 14, 2019. With the exception of a few agricultural goods, the CPTPP will essentially eliminate the customs duties on all qualifying imports into Canada from a country for which the CPTPP is in force (“CPTPP country”), either immediately upon implementation of the agreement, or through a tariff phase-out. At the time of issuance of CN 18-22, not all CPTPP member countries will have completed their domestic ratification process and identified an implementation date. As the remaining CPTPP member countries reach ratification and confirm an implementation date, a separate customs notice will be issued. The text of the CPTPP is available at the Global Affairs website.