Binh Son Refining & Petrochemical suspended from Customs priority

	Dung Quat Refinery plans for IPO
	PM agrees to support policy for Binh Son Refining & Petrochemical

Binh Son Refining & Petrochemical Joint Stock Company. Photo: Internet.

The decision takes effect from the date of signing (28th May 2018).

Joint Stock Company is suspended from the priority regime due to failure to meet conditions on import and export turnover.

Binh Son Refining and Petrochemical Joint Stock Company is one of the first 9 companies of the country to be recognized as authorized economic operators from 2011.

Apart from Binh Son Refining and Petrochemical Joint Stock Company, the General Department of Customs has suspended the application of priority regime to some other companies for failure to meet import and export turnover conditions.

They are Samsung Vina Co. Ltd., (2016) for a reason that this company transformed its operation from production into warranty service; Vietnam Rubber Group (in 2017) for a reason that this group transferred the import and export of products from parent company into its member companies.

In 2013, the General Department of Customs suspended the priority regime to the first company which was PV Oil corporation for a reason of non-compliance with the conditions of an authorized economic operator. This corporation was recognized as authorized economic operator in the first period together with Binh Son Refining and Petrochemical Joint Stock Company.

Circular 72/2015 / TT-BTC on authorized economic operator (AEO) stipulate conditions on import-export turnover as follows: AEO must achieve an import and export turnover of US$ 100 million and more per year; AEO must have products manufactured from Vietnam from US$ 40 million or more per year; AEO must reach an export turnover of US$ 30 million or more per year for products such as agricultural products, aquatic products produced or raised in Vietnam.

For Customs agents, the number of Customs declarations which have been cleared with the name of the agent must be 20,000 declarations / year. High-tech companies are not applied the conditions on import-export turnover.

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Regarding Binh Son Refining and Petrochemical Joint Stock Company, on 10th May 2018, the Ministry of Public Security's released information that the Police Investigation Agency of the Ministry of Public Security (C46) has issued a prosecution decision; Order to arrest the defendant for temporary detention and order to search for Nguyen Hoai Giang, President of the Board of Members of the Company and Pham Xuan Quang, Chief Accountant for "Abuse of position and power to appropriate assets" under Article 355 of Penal Code 2015.