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Vietnam’s On-Spot Export and Import Regime

2024-10-16
The management of on-spot export and import activities in Vietnam has exposed certain shortcomings, prompting the government to plan reforms to align with international standards and ensure fairness across different types of businesses. On-spot or on-the-spot (OTS) export and import procedures help businesses streamline manufacturing and reduce cargo delivery times, ultimately lowering costs. In this model, export and import processes occur within the same country. Essentially, goods are produced for export to a foreign trader but are then delivered back to the country where they were manufactured. However, the on-the-spot export and import process can be complex, particularly when it comes to customs clearance.
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ASEAN Briefing

Malaysia Public Holidays: Essential Dates for 2025

10/16/2024

Malaysia has a diverse range of public holidays, reflecting its multicultural society. National holidays like Hari Raya Eid-ul-Fitri, Chinese New Year, and Deepavali are celebrated by Muslims, Chinese, and Hindus, respectively.

China Briefing

SPC Interpretation: Tort Liability Compensation in Labor Relations and Dispatch

10/15/2024

China’s Supreme People’s Court (SPC) has issued a judicial interpretation, which clarifies the tort liability compensation in labor relations and dispatch, among others. Tortious behavior refers to any conduct, aside from a breach of contract, that can be pursued as a civil wrong in a lawsuit.

Middle East Briefing

UAE Amends VAT Executive Regulations, Effective November 15

10/16/2024

The United Arab Emirates (UAE) has made substantial changes to its Value Added Tax (VAT) Executive Regulations, effective from November 15, 2024. We provide an overview of key changes to UAE VAT Law and the necessary steps businesses should take to comply with the new regulations.

India Briefing

India-EU FTA: Commerce Department Engages Domestic Industry on Rules of Origin

10/15/2024

India and the European Union (EU) are working to accelerate negotiations for a Free Trade Agreement (FTA), with the central government’s Department of Commerce reaching out to domestic industries to ensure favorable terms under rules of origin (ROO).

Vietnam Briefing

Vietnam Draft Decree on Rooftop Solar Power: New Opportunities on the Horizon for Investors

10/15/2024

The Vietnam rooftop solar sector is set for a major boost with a new draft decree published in early October 2024, introducing fresh policy guidelines to promote self-produced and self-consumed solar energy. Several key initiatives will be implemented if the draft Decree becomes official.

ASEAN Briefing

Singapore Sets April 2025 Deadline for Mandatory Digital Bunker Notes

10/15/2024

Marine fuel suppliers in Singapore will be obligated to provide digital bunkering service notes and issue digital bunker notes from April 2025. The Singapore government is hoping this initiative will streamline the ship bunkering (fueling) process by making data between buyers and sellers more transparent.

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The 2024 US Presidential Election: Impact on Southeast Asia Markets

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Explore the impact of the 2024 US presidential election on Southeast Asia markets, with respect to shifts in trade policies, geopolitical strategies, and investment trends.

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China

China to Pilot Water Tax Nationwide: What Does It Mean for Businesses

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Starting from December 1, 2024, China will implement a pilot water tax nationwide, replacing the current water fee charging mechanism. The cost burden of water usage for residents and general industrial and commercial activities will remain unchanged.

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India

India Mandates Audit Trail Compliance for All Companies: Understanding the Obligations

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We provide an overview of audit trails, detailing the mandatory compliance requirements under Indian corporate laws, the responsibilities of companies and auditors, and the penalties for non-compliance.

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Vietnam

Vietnam’s Digital Infrastructure Strategy: Opportunities for Foreign Investors

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Vietnam’s Digital Infrastructure Strategy, approved in October 2024, identifies priority areas for investment, providing clear guidance for foreign firms looking to engage with Vietnam's growing digital economy.

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Middle East

Middle East Briefing

UAE Amends VAT Executive Regulations, Effective November 15

10/16/2024

The UAE has made substantial changes to its Value Added Tax (VAT) Executive Regulations, effective from November 15, 2024, carrying implications for businesses across various sectors, especially trade and financial services.

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