Study to amend regulations related to extended storage times in bonded warehouses

Bonded warehouse at Bac Thang Long Industrial Park (Hanoi). Photo: N.Linh

The Prime Minister asked the Ministry of Finance to direct relevant authorities to store imported goods in bonded warehouses and goods at duty-free shops and warehouses within the prescribed storage period in accordance with the Customs Law and when the storage period expires, goods would be handled in accordance with the law.

If it is necessary to prolong the time for storing goods in bonded warehouses and the time for storing goods at duty-free shops or warehouses, the Ministry of Finance will work with the Ministry of Justice and other related authorities to synthesise and submit to competent authorities for consideration, amendment and supplement of relevant regulations in accordance with the order, procedures and regulations.

Previously, the Ministry of Finance reported to the Prime Minister about the difficulties of firms in the implementation of law due to the impact of the Covid-19 pandemic.

The Ministry of Finance raised the difficulty of goods stored in bonded warehouses. Specifically, goods imported from abroad deposited into a bonded warehouse for export to a third country account for the majority of the total number of backlogged goods and enterprises could not export, have no need to import into the country or move to another non-tariff zone, this is a commodity group facing major problems, mostly impacted by the Covid-19 pandemic.

Besides that, goods deposited into bonded warehouses to supply for foreign vehicles entering Vietnam are also facing difficulties because the aviation industry is heavily affected by the Covid-19 pandemic and goods deposited into bonded warehouses to serve for passengers are likely to exceed the deposit time limit.

Raw materials and auxiliary products for export production and deposited in bonded warehouses also face many difficulties as there is no production contract, so they have not been taken out from the warehouse yet.

Regarding duty-free goods sold mainly to people on exit and entry, and to seafarers on international routes, the Covid-19 pandemic was complex and the immigration activities at international border gates were suspended, so duty-free shops had no visitors, so they could not sell goods that were temporarily imported into the duty-free shop. Enterprises have a number of inventories that are temporarily imported but have not been sold out. However, the time limit for storing goods is about to expire at duty-free warehouses and duty-free shops.

Facing that fact, the Ministry of Finance has proposed to the Prime Minister a number of solutions to remove difficulties for businesses.