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,...
GOVERNMENT PROPOSE EXTENDING THE PERIOD OF VAT REDUCTION UNTIL THE END OF 2024
Previously, the National Assembly passed Resolution No. 110/2023/QH15, temporarily reducing value added tax (VAT) by 2% for some groups of goods currently subject to a tax rate of 10% (excluding some products and services) for an additional 6 months (from January 1, 2024 to June 30, 2024). Based on the assessment of the outcome achieved by the 2% VAT reduction solution in Resolution No. 110/2023/QH15, the Government submits to the National Assembly for consideration and permission to continue implementing the 2% VAT reduction policy in the last 6 months of 2024 (from July 1, 2024 to December 31, 2024) Regarding the implementation,...
CUSTOMS WORKING SCHEDULE DURING HOLIDAYS
Today we are so pleased to provide you with the news about customs working schedule during Reunification Day and International Workers' Day from April 27 (Sat) to May 1 (Wed). Bac Giang, Vinh Phuc, Hoa Binh, Bac Thang Long, and Phu Tho customs offices operate Over Time throughout the holiday, and customs offices such as Bac Ninh, Que Vo, Yen Phong, and Thai Nguyen operate overtime throughout the holiday except for Sunday (28th). However, please note that some customs offices and warehouses, such as CFS warehouses in Hai Phong port and Ninh Binh, Hung Yen customs will not be operating throughout...
UPCOMING HOLIDAYS OF CFS AT HAIPHONG PORT
Today we are so pleased to provide you with the news about THE UPCOMING HOLIDAYS OF CFS AT HAIPHONG PORT. Hung Kings Commemoration Day 1 day off: Thursday 18th April, 2024. Reunification Day and International Workers' Day 5 days off: from Saturday 27th April to Wednesday 1st May, 2024. Make-up working day: Saturday 4th May, 2024 On Thursday morning, 2nd May, they will get back to work. We hope Customers are fully informed of the holidays of CFS at Haiphong port in order to be proactive in arranging export and import plans.
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...
SOME AMENDMENTS REGARDING ORIGIN OF GOODS IN THE AKFTA AGREEMENT
The Ministry of Industry and Trade has just issued Circular No. 04/2024/TT-BCT, amending and supplementing a number of articles of Circular No. 20/2014/TT-BCT. Circular No. 04/2024/TT-BCT takes effect from May 11, 2024. Circular No. 04/2024/TT-BCT amends Article 4, ANNEX I (Rules of Origin) issued together with Circular No. 20/2014/TT-BCT to granting exporters/manufacturers the right to choose the formula for calculating Regional Value Content (RVC) in terms of direct or indirect calculation method for fixed use throughout a financial year and for post-audit verification. Moreover, the Circular amends Clause 1, Article 5, APPENDIX V (Procedures for issuance and inspection of C/O) to legalizing...