Customs has detailed information on the $4.3 billion aluminum warehouse in Vung Tau

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The General Department of Customs has just released information related to the $4.3 billion aluminum warehouse in Ba Ria-Vung Tau.

Recently, at the meeting with the ministries and agencies on October 28, 2019, the General Department of Customs mentioned the case related to the Customs' coordination with concerned ministries, sectors, US Customs and Border Protection Agency (CBP) in strict supervision of the US$4.3 billion shipment of aluminum materials of a company in Ba Ria - Vung Tau to prevent the risk of origin fraud when exporting to the US.

According to the official information from the General Department of Customs, Global Vietnam Aluminium Company Limited (headquarter address: My Xuan B1 Industrial Zone - Conac, My Xuan Ward, Phu My Town, Ba Ria - Vung Tau Province) is an export processing enterprise, therefore, the company's export and import goods are not taxable as prescribed in Article 2 of Law on Import and Export Tax No. 107/2015 / QH13 of April 6, 2016 and Decree 134/2016 / ND-CP dated September 1, 2016.

Under the provisions of the Customs Law, imported goods of the export processing enterprise are subject to customs supervision from the time of importation, during the production process, until the products are exported to foreign countries.

After completing the customs procedures, a part of imported aluminum materials of Global Vietnam Aluminium Company Limited was sent to the factory for production and the rest was sent to the outsourced yards in accordance with Article 47 of Decree No. 118/2015 / ND-CP and Article 80 of Circular No. 38/2015 / TT-BTC, including: PTSC Phu My Port Company, PTL Logistics Co., Ltd and Thanh Chi Joint Stock Company.

From 2015 to September 30, 2019, the total volume of imported raw aluminum materials was more than 2.44 million tons and exported aluminum was 400,000 tons.

On average, the company imports 488,000 tons per year, while exporting only 80,000 tons per year (equal to 16.3 percent of annual imports, 40 percent of capacity compared to design capacity).

Particularly, imports of have decreased significantly in 2019, as of September 30, 2019, the import volume was more than 64,435 tons, equivalent to the average annual export volume.

Currently, the Company is saving more than 1.8 million tons of aluminum in outsourced warehouses and more than 200,000 tons of aluminum in the factory, worth about $4.3 billion.

Raw aluminum materials are mainly imported from China, Mexico, USA, Australia, Russia, Mexico, Malaysia and Indonesia.

Finished aluminum products are exported to many different countries such as Canada, Egypt, India, Malaysia, Indonesia, Singapore, and the US.

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According to the General Department of Customs, the goods at the outsourced warehouses of the company is closely monitored by the Customs by surveillance cameras at the entrance gate and the entire area of ​​outsourced yards with hard fences separating from the outside area is regularly patrolled and supervised by customs officials.