Vietnam-the next Asian Tiger? Message Board

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Strategies & Market Trends : Vietnam-the next Asian Tiger?

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From: Mannie	12/11/2006 10:57:18 AM
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Vietnam removes import requirements for foreign enterprises The Vietnamese government has abolished the need for material import permits and endorsed import tariff exemptions for foreign-invested enterprises (FIEs) to ease their operation in the country. Under the dispatch No7400/BTM-KHDT issued by the trade ministry earlier this month, the abolishment is applicable to imported machinery and equipment for production. The move targets to streamline administrative procedures to facilitate investors. FIEs can import materials and machinery for their local production without having to ask the ministry for approval as previously. They are permitted to clear import-export procedures at border checkpoints in the absence of written approval of the ministry-designated agencies. For tax exemptions, FIEs are responsible for making customs declarations on their own, according to the dispatch. The ministry is set to circulate an instruction very soon for imports and exports of outsourcing products of foreign investors in line with the 2005 Investment Law. Source: Trade Ministry – Translated by Ha Dong

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