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Vietnam

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On 08 June 2020, Vietnam’s National Assembly passed a resolution ratifying the EU – Vietnam Investment Protection Agreement (EVIPA) (“Resolution”) and the EU – Vietnam Free Trade Agreement (EVFTA). Passage of the Resolution marks Vietnam’s completion of its legal procedure to ratify the EVIPA, however, the EVIPA requires further ratification by all EU member states before it can enter into force. The EVIPA includes investment protection prohibiting discriminatory treatment and expropriation without compensation. The EVIPA…

On 8 June 2020 Vietnam ratified the European Union – Vietnam Free Trade Agreement (EVFTA) and the European Union – Vietnam Investment Protection Agreement (EVIPA). The EVFTA will provide expansive preferential markets access for goods traded between Vietnam and the European Union (EU). The EVFTA will enter into effect on 1 August 2020. In order to export from Vietnam to the EU, exporters must have a REX number in order to complete shipments valued at…

On May 12, 2020, the Philippines component of the Free Trade Agreement (FTA) and Investment Agreement (IA) between Hong Kong, China and the Association of Southeast Asian Nations (ASEAN) entered into force. The FTA and IA entered into force between Hong Kong and Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam in 2019. According to the Hong Kong Trade Development Council (HKTDC), under the FTA, the Philippines will progressively eliminate and reduce customs duties on goods…

On 12 February 2020, the European Parliament approved the EU-Vietnam trade and investment agreements. The EU-Vietnam trade agreement is now set to enter into force in 2020, upon conclusion of the ratification procedure by Vietnam. The trade agreement will eliminate virtually all tariffs on goods traded between the two sides and will guarantee – through its strong, legally binding and enforceable commitments on sustainable development – the respect of labour rights, environmental protection and the…

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.