DISRUPTION IN THE RED SEA, DECREASE ASIA-EUROPE SHIPPING CAPACITY

DISRUPTION IN THE RED SEA, DECREASE ASIA-EUROPE SHIPPING CAPACITY

The shipping group Maersk said on May 6 that disruptions in container shipping activities on the Red Sea are increasing and predicted to reduce shipping capacity between the ASIA and EUROPE by up to 20% in the second quarter of 2024. Since December 2023, Maersk and other shipping lines have had to redirect ships around South Africa's Cape of Good Hope to avoid attacks by Houthi forces in the Red Sea. This makes shipping time longer and increase freight rates.   In a notice sent to customers on May 6, Maersk said the risk area has expanded, forcing ships to take longer journeys,...

IMPORTANCE OF THE CORRECT HS CODE AND UTILIZING PRE-DETERMINATION OF CODE

IMPORTANCE OF THE CORRECT HS CODE AND UTILIZING PRE-DETERMINATION OF CODE

HS CODE stands for Harmonized System Code, a unique number assigned to classify all traded goods internationally. Determining the HS CODE of traded goods based on legal provisions and product characteristics is referred to as 'Classification (Nomenclature).’   The reason why accurate classification is crucial lies in the fact that various aspects such as Duty and Tax rates, import/export requirements, exemptions, refunds, and FTA rules of origin are determined by the HS CODE of the goods. Frequently disputes between companies, customs authorities, exporters and importers, and exporting and importing countries arise due to inconsistent classification.   Recently, there have been many cases where Vietnamese...

LARGE-SCALE NON-TARIFF ZONE TO BE BUILT IN HAI PHONG

LARGE-SCALE NON-TARIFF ZONE TO BE BUILT IN HAI PHONG

Xuan Cau Industrial Park and Non-Tariff Zone is being built at Lach Huyen international port area, Cat Hai district, Hai Phong.                     Tan Cang - Hai Phong International Container Terminal (TC- HICT) is the first terminal built and put into operation at Lach Huyen international port. The project has a total investment of 11,100 billion VND, located on an area of ​​752 hectares, located in the area of ​​Lach Huyen international gateway port, Dinh Vu - Cat Hai economic zone. attracting about 40,000 - 50,000 workers. Non-tariff zone - Logistics and Lach Huyen Industry located in...

UPDATE FORECAST OF SEA FREIGHT IN 2023

UPDATE FORECAST OF SEA FREIGHT IN 2023

According to statistics from Drewry on world container freight rates, as of 20th April 2023, the 40 feet container freight rate was $1,774, down 83% from $10,377 in September 2021 and lower 34% compared to the average over the past 10 years of 2,688 USD. The current tariff is equivalent to the end of 2020, but still 25% higher than 2019's $1,420. In the past year, freight rates for routes have decreased significantly, specifically, the Asia-Europe route has decreased by 81-85%, Asia-US by 75-79%, the Americas-Asia and Europe have decreased 18 - 21%. As a rule, ocean freight rates will have a...

CUSTOMS SECTOR COLLECTS OVER VND91 TRILLION IN FIRST QUARTER OF 2023

CUSTOMS SECTOR COLLECTS OVER VND91 TRILLION IN FIRST QUARTER OF 2023

The Customs’ revenue in the first quarter 2023 saw a year-on-year decrease of 17% The turnover and revenue from import and export activities plunged in the first quarter of 2023. According to the General Department of Vietnam Customs on April 3, the revenue from imports and exports in March reached VND33,476 billion. In the first quarter, the Customs sector’s revenue decreased by 17% to VND 91,267 billion compared with the previous year, meeting 21.5% of the estimate. In the month, the total trade in goods is estimated to increase by 18.6% to US$ 58.49 billion compared with a month ago. The export turnover and...

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