Proactively accompany with businesses in EVFTA

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The dialogue on “Tax policies and Customs procedures for running of EVFTA” was jointly held by Customs News and European Chamber of Commerce in Vietnam (Eurocham) at the headquarters of the General Department of Vietnam Customs. Photo: T.B

A specific tax reduction roadmap after the EVFTA cameinto effect brings benefits to both sides, nearly 100% of Vietnam's exports to the EU will have import duties eliminated after a short period of time. This is especially meaningful when the EU is one of the two largest export markets of our country today.

When the EVFTA took effect (August 1, 2020), the top concern of the businesses is that the goods exported to the EU will increase price competitiveness when nearly 99% of exports to the EU will have import duties eliminated.

Accordingly, two of the most beneficial items are fishery and agricultural products that are the strengths of Vietnamese businesses. Vietnamese businesses will also benefit from high quality and stable imported goods and raw materials with more reasonable prices from the EU.

Especially, they have the opportunity to access sources of advanced machinery, equipmentand technology from EU countries, thereby improving productivity and the quality of their products.

Speaking at the dialogue on “Tax policies and Customs procedures for running of EVFTA” jointly held by Customs News and the European Chamber of Commerce in Vietnam (Eurocham) on July 2, 2020, Deputy Director General of the General Department of Vietnam Customs LuuManhTuong said that, among the free trade agreements Vietnam has signed and implemented, EVFTA is considered a comprehensive and high-quality agreement that ensures the balance of interests for both Vietnam and the EU, in accordance with the provisions of the World Trade Organization (WTO).

Since the EVFTA was signed, the General Department of Vietnam Customs has built and taken many practical support measures to accompany businesses to grasp all opportunities.

The General Department of Vietnam Customs has coordinated with relevant agencies under the Ministry of Industry and Trade, the Ministry of Justice and the Ministry of Finance to complete the legal review of the EVFTA; advised, built and submitted to the Ministry of Finance for submission to the Government for promulgation of Decree No.111/ND-CP on Vietnam's preferential export tariff and special preferential import tariff for implementation of the EVFTA for 2020-2022.

The Government's promulgation of the tariffinthe key period is considered a good chance for businesses to grasp the policy for increasing goods import and export with the EU countries.

In addition, Customs has held many intensive training sessions for businesses about changes in running of the EVFTA; focused on improving the capacity of customs officials towards modernization, strongly applying information technology in operational stages, and meeting conditions and standards when acceding to the agreement.

Particularly, to help businesses immediately access the incentives from the agreement, Customs has quickly deployed action plans for the implementation of the Government and the Ministry of Finance. It has actively coordinated with associations and agencies from central to local levels to organize many online training sessions for businesses; understood difficulties and problems arising during the implementation to propose competent authorities to quickly remove them.

To support the business community to make good use of opportunities to promote trade. In the futurethe General Department of Vietnam Customs will continue to implement the programs of Customs-Business partnership, the Authorised Economic Operator; regularly consult with businesses on law development. At the same time, it will continue to improve the cross-border trade transaction index; reformspecialized inspection and take the leading role in the development and implementation of the National Single Window and the ASEAN Single Window.

In addition to training and guiding businesses about specific contents related to procedures, regulations, legal policies, international treaties, tax incentives in trade agreements, the General Department of Vietnam Customs commits to continue implementing trade facilitation projects, towards electronic transactions, digital customs and smart customs.

In parallel, the Customs will deploy the information connection program with specialized management agencies to share information and reduce duplicate requirements for businesses and people.