MOIT eases issuance of certificates of origin

Jun 19th at 10:58
19-06-2019 10:58:26+07:00

MOIT eases issuance of certificates of origin

The Ministry of Industry and Trade (MOIT) has taken steps to simplify the issuance of certificates of origin (C/O) to assist businesses. When free trade agreements (FTAs) take effect, C/O will help businesses enjoy preferential tariffs.

 

Tran Thanh Hai, Deputy Director of the Import and Export Department under the MOIT, said that C/O is an important document that helps goods under FTAs enjoy preferential tariffs.

To create favourable conditions for firms, the Ministry of Industry and Trade has made efforts to minimise the time taken to check dossiers of exported goods before granting them C/O.

The MOIT officially launched the pilot electronic certificate of origin (C/O) issuance system in 2016, as part of efforts to expand administrative reforms and assist exporters. From a few dozen sets of documents received in the first phase of implementation, the system now receives and processes about one million sets of C/O each year.

With the aim of reducing administrative procedures to facilitate businesses in the import and export of goods, the MOIT has also piloted a mechanism for self-issuing the certificate of origin under the ASEAN Trade in Goods Agreement (ATIGA).

Enterprises exporting to ASEAN with turnover reaching a minimum of $10 million in the preceding year have the right to issue self-certification of origin.

Total export turnover of goods under FTA using C/O in 2018 reached US$66.2 billion, accounting for 39 per cent of total export turnover from Viet Nam to the markets that the country signs FTAs with.

By the end of May 2019, C/O-granting organisations have boosted the issuance of C/O, especially those for goods in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with 1,872 sets of C/O granted and total value of goods reaching about $58.38 million.

C/O sets granted were mainly issued for goods exported to Canada, worth about $39.1 million. Exported products receiving C/O include footwear, textiles, household appliances, processed food and wood products.

However, according to trade experts, when preparing dossiers for receiving C/O, enterprises often get confused as there are now many different types of C/O forms, leading to the denial of the dossiers or amendments and additions.

In order to provide maximum support for businesses, the MOIT has urged firms to actively register to have C/O issued online. Therefore, enterprises do not need to submit accompanying paper documents such as customs declarations, invoices, bills of lading as before but can attach them electronically.

When enterprises attach electronic documents to the system, officials of the Ministry of Industry and Trade can preview the records and respond on the electronic system.

The system, available at www.ecosys.gov.vn, is being called a turning point in improving the nation's business climate and administrative reforms, as the electronic process will promote transparency and minimise time and expenses spent by businesses, said Tran Thanh Hai, Deputy Director of Import and Export Department under the MOIT.

It is also considered an important step in implementing the ASEAN one-stop customs mechanism and Viet Nam's commitment to regional integration, as neighbouring countries accelerate the formation of an ASEAN community.

bizhub



NEWS SAME CATEGORY

Binh Duong prioritises local supporting industry

The southern province of Binh Duong is facilitating the development of supporting industries in order to meet local production needs and reduce reliance on imports...

Agricultural sector sees production and business growth in H1

The agricultural sector has maintained growth in the first half of this year despite facing difficulties, especially the African swine fever epidemic which had a...

Samsung focuses on supporting high-tech firms

Samsung has conducted a variety of programs to boost supporting industries in the hope of increase the number of Vietnamese suppliers for it. This year, the...

Agricultural production poses environmental risk: expert

The growth of agricultural production in recent years comes at higher environmental costs, an expert told a conference in HCMC today, June 18.

S.Korea eyes agricultural development

The Departments of Science and Technology of Can Tho City and Soc Trang Province have signed cooperation deals with South Korea’s Chuncheon Bio-industry Foundation...

Gazprom approved to develop 340MW gas-to-power plant in Quang Tri

Gazprom EP International B.V, a subsidiary of Gazprom Group – Russia’s largest natural gas producer – has been approved in principle by the prime minister to...

7-Eleven Vietnam uses Domo to streamline supply chain

7-Eleven Vietnam is using Domo’s (Nasdaq: DOMO) cloud-based platform to integrate all supply chain data, from warehouse to point-of-sale, as a “single source of...

VASEP seeks review of regulations on residue limits in seafood products

Seafood enterprises have promoted seafood products in the domestic market but are faced with strict residue limits for enrofloxacin and ciprofloxacin, which are...

African swine fever could bankrupt livestock sector

African swine fever has not only caused livestock farming households to fall into debt, but has also made it difficult for animal feed dealers to collect their...

China, U.S., Taiwan ship more computers, electronics to Vietnam

Vietnam spent US$5.05 billion, US$1.78 billion and US$2.04 billion importing computers and electronic products from China, the United States and Taiwan in the first...


MOST READ


Back To Top