Reasons for Exporting and Importing in Vietnam:
Vietnam offers:
- a stable government
- religious tolerance
- abundant natural resources
- a large, highly motivated and skilled workforce
- low business start-up costs
- some of the lowest labor and business operating costs in the world
Vietnam has embarked on an ambitious program of renewal, doi moi, to enable the country to continue aggressive economic growth, improve stability, and attract foreign business. Vietnam is positioning itself to be the next Asian "Tiger."
With an economic growth curve that rivals any other Southeast Asian country, Vietnam is an excellent market for the introduction of US goods and services. The buying power of the people of Vietnam is growing rapidly and US products are increasingly in demand.
Export Controls
To make the country’s import and export regulations more stable and predictable to importers and exporters, the Government of Vietnam promulgated an import and export policy under which lists of imports and exports subject to restrictions and licenses will be in effect for a period of five years.
- Permits and Licenses: Permits and licenses are now required for exports of a certain number of goods under supervision of the Ministry of Trade, Ministry of Post and Telematics and other relevant ministries. They include (i) textiles and garment exported within quotas agreed upon between Vietnam and other countries, (ii) goods subject to export control under international agreements to which Vietnam is a signatory and (iii) postage stamps. Other than these, any enterprise can export goods in accordance with its business license.
- Export Duties: Export duties are levied on many natural resources and commodities with a maximum rate of 45 percent. The Vietnamese Government has increased export duties on many raw materials as part of a strategy to stimulate more value-added processing in the country.
- Quotas and Restrictions: Prohibited exports include antiques, logs and sawn timber from domestic natural forests, weapons, drugs, toxic materials, precious or rare plants and animals, special used coding machines and coded software programs used to protect state secrets. Exports of rice and wood products (except for those exploited from natural forests) are no longer subject to government quantitative restrictions.
We use UPS, Fed-Ex and DHL to handle all the shipping needs. We will handle all documentation needed for importing or exporting products in Vietnam. Contact us today to find out how we can grow your business in Indochina.