Vietnam

This guide provides you with valuable economic insights about Vietnam and its import process.

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Vietnam
Continent

Continent

Asia

Capital

Capital

Hanoi

Lead Time

Lead Time

3-5 Days

Currency

Currency

Viet Nam Dong VND

Coverage

Coverage

PleaseCall

Tax Rate

Tax Rate

Up To 10%

Carrier

Carrier Options

Freight Forwarder Only

Document

Documents Required

CIPL, Datasheets

Vietnam

Vietnam's economy has experienced significant growth and transformation in recent decades. Here are some of the points powering this ambitious growth;

  • Economic Growth: Vietnam has consistently achieved high economic growth rates, averaging around 6-7% per year over the past decade.
  • Emerging Market: Vietnam is considered an emerging market with a diverse economy. It has transitioned its economy to one driven by manufacturing, services, and exports.
  • Manufacturing Hub: Vietnam has become a favoured destination for foreign investment, particularly in the manufacturing sector. It has developed strong capabilities in electronics, textiles, footwear, and automotive manufacturing. Foreign companies often choose Vietnam for its relatively low labour costs and favourable business environment.
  • Membership in Trade Agreements: Vietnam is a member of several trade agreements, including the Association of Southeast Asian Nations (ASEAN), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA). These agreements have enhanced Vietnam's trade relations and market access.
  • Infrastructure Development: Vietnam has been investing in infrastructure projects to support its economic growth. This includes the development of transportation networks, energy infrastructure, industrial parks, and urban centres.

Importing Dual-Use Goods into Vietnam

Vietnam can be a complex country to import goods into. Below is a high-level overview on what is required;

Ensure you have a registered legal trading entity within Vietnam. There is no minimum capital input for this business, but if the company wishes to resell goods in Vietnam then additional licences are required to operate.

Many companies that wish to import to Vietnam without a local legal entity use an Importer of Record likes Mouse and Bear Solutions to navigate the process on their behalf. This strategy allows foreign businesses that have time constraints, wish to test the market, or only import a few times to cope with logistical, regulatory, and language barriers.

Determine if your Goods are Dual Use: Dual-use goods refer to items that can have both civilian and military applications. Before importing, you must confirm whether your goods fall under this category. Dual-use goods are subject to specific regulations and controls to prevent their misuse.

Familiarise yourself with Vietnam's regulations on dual-use goods. The key legislation governing this area in Vietnam is the Law on Export and Import Control of Goods, implemented by the Ministry of Industry and Trade (MOIT). Consult the MOIT website or contact their relevant department for specific information on import controls and licensing requirements.

Import licences: Depending on the nature of the dual-use goods, you may need to obtain an import licence or permit from the MOIT. The licensing process typically involves submitting detailed information about the goods, including technical specifications, intended use, end-user details, and any relevant certifications.

Prepare the required documentation, which may include a commercial invoice, packing list, bill of lading/airway bill, import declaration form, and any supporting certificates or licences. Ensure all documents are accurate and complete.

Submit an accurate import declaration to Vietnamese customs authorities. Provide complete and truthful information about the dual-use goods, including their value, quantity, and classification. Pay any applicable customs duties, taxes, and fees.

Post-import inspections: Dual-use goods often require monitoring to ensure they are used for their intended civilian purposes. Cooperate with relevant authorities if they request post-import verification or conduct inspections to ensure compliance with the end-use requirements.

Understand that export controls on dual-use goods also apply when re-exporting or transferring them to another destination from Vietnam. Ensure you comply with both import and export control regulations.

Please feel free to get in touch with Mouse & Bear Solutions to assist you in importing into Vietnam – we have the experience and expertise to navigate the complexities of the process on your behalf, leaving you to focus on other business priorities.

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