Vietnam prepares to implement trade pact with UK
Vietnam prepares to implement trade pact with UK
The Ministry of Industry and Trade is collecting opinions on a draft circular providing rules of origin for Vietnam’s 2020 free trade agreement with the UK, which will take full effect on May 1.
Meeting rules of origin is crucial for Vietnam’s garment and textile sector
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The draft circular consists of five chapters and 40 articles related to the origin of goods and certificate of origin (C/O).
Under the proposed guidelines, goods originating from the UK, imported into Vietnam, will be eligible for tariff preferences upon submission of any of the following proofs of origin - A C/O made out in accordance with Articles 20 to 23; an origin declaration made out by an approved exporter within requirements of the UK for any consignment regardless of its value, or any exporter for consignments the total value of which does not exceed EUR6,000; a statement of origin made out by exporters registered in an electronic database in accordance with the relevant legislation of the UK after the UK has notified to Vietnam that such legislation applies to its exporters.
Products originating from Vietnam, imported into the UK, will be eligible for tariff preferences upon submission of any of the following proofs of origin - A C/O made out in accordance with Article 4 and Articles 20 to 23; an origin declaration made out by any exporter for consignments the total value of which does not exceed EUR6,000; an origin declaration made out by an exporter approved or registered in accordance with the relevant legislation of the Ministry of Industry and Trade.
The proofs of origin shall be valid 12 months from the date of issuance and shall be submitted to the customs authorities of the importing party within this period.
To enjoy tariff incentives from the UK-Vietnam Free Trade Agreement (UKVFTA), proof of origin must be submitted to the customs authorities of the importing party in accordance with regulations of this party. Those authorities may request a translation if the document is not issued in English.
The UKVFTA is the third new-generation free trade agreement that Vietnam has signed, helping maintain and further strengthen economic and trade cooperation with the UK, which is one of Vietnam’s major partners.
| Vietnam’s exports to the UK reached US$927.69 million in the first two months of 2021, an increase of 23.6 percent compared to a year ago. |
