Import and Export in Vietnam - Preview

Vietnam Briefing · Issue 38 · July 2019 2 Introduction ALBERTO VETTORETTI Partner Dezan Shira & Associates Vietnamhas followed an export-led growthmodel, combining trade liberalization and policies to attract foreign direct investment to spur exports. This has allowed Vietnam to accelerate growth in recent years, emerging as a clear leader in low-cost manufacturing and sourcing. Vietnam’s growth has also been accelerated in part due to the US-China trade war, which shows no sign of abating. Vietnam’s exports to the US rose by 28.9 percent year-on-year in the first quarter of 2019, making the US the largest importer of Vietnamese goods. In addition, Vietnam’s collection of free trade agreements (FTAs) has helped the country integrate with global trade flows; the recent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European Union – Vietnam Free Trade Agreement (EVFTA) will ensure Vietnam continues to grow. Many foreign investors are interested in importing and exporting – these investors should make understanding current trade conditions and regulations a priority. In this issue of Vietnam Briefingmagazine, we examine Vietnam’s import and export landscape and the top sectors for trade.We then look at import and export procedures, including business models that investors should explore for importing and exporting.We finally concludewith an introduction for duties, exemptions, and tax rates that traders need to be aware of. This magazine is based on Dezan Shira & Associates many years of experience supporting foreign enterprises inVietnam. Importers and exporters will find a conducive trade environment in Vietnam with its relatively low costs and stable government policies. Still, we hope this magazine will help you develop your import and export operations in the country. Best regards, Alberto Vettoretti Credits Publisher / Chris Devonshire-Ellis Managing Editor / Adam Pitman Editor / Pritesh Samuel Design / Thu Ha, Tue Nguyen Reference Vietnam Briefing and related titles are produced by Asia Briefing Ltd., a wholly owned subsidiary of Dezan Shira Group. Content is provided by Dezan Shira & Associates. No liability may be accepted for any of the contents of this publication. Readers are strongly advised to seek professional advice when actively looking to implement suggestions made within this publication. For queries regarding the content of this magazine, please contact: editor@asiabriefing.com All materials and contents © 2019 Asia Briefing Ltd. Asia Briefing Ltd. Unit 507, 5/F, Chinachem Golden Plaza, 77 Mody Road, Tsim Sha Tsui East Kowloon, Hong Kong. www.asiabriefing.com www.dezshira.com www.aseanbriefing.com www.india-briefing.com www.indonesiabriefing.com www.vietnam-briefing.com www.china-briefing.com