Exploring Vietnam for Business and Trade

Exploring Vietnam for Business and Trade

Whitney - January 05, 2018

Thinking of starting to

export to Vietnam

? The following is an essential country and customs guide to Vietnam.


Designated by UKTI as a high-growth emerging market, Vietnam has one of the fastest-growing, most vibrant economies in Asia. With a population of over 90 million, over half of which are below the age of 30, this entrepreneurial nation is the 14th most populous in the world and third-largest in the South-East Asia region.

Economic growth is strong; over the past ten years this has been second only to China and GDP has been doubling every ten years since 1986. Since joining the World Trade Organization (WTO) in 2007, Vietnam’s progress towards becoming a full market-orientated economy has accelerated and GDP growth in the four-year accession period averaged 6.5%.

British companies have been successful in a number of areas, including biotechnology, education, ICT, green business, finance and professional services and oil and gas. And the opportunities don’t stop there. Bordering China to the north and Laos and Cambodia to the west, Vietnam provides a gateway for British businesses looking for further expansion in the region.

 

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The UK’s top five exports to Vietnam are:
Power-generating machinery and equipment
General industrial machinery and equipment
Medical and pharmaceutical products
Professional and scientific instruments
Miscellaneous manufacturing articles

Duty Free Allowance


1,000,000 Dong based on CIF value (Cost, Insurance & Freight value). Shipments up to this value are exempt from duty, but VAT and Special Sales Tax may still apply

Essential Customs Information
Top Tip: Commercial Invoice must clearly state itemised products and value. The term of trade (the incoterm rule) must also be stated on the invoice. If an Incoterm rule isn’t stated then a local Freight charge will be applied to the shipment for tax and duty calculations.

Prohibited Items 
The list below is in addition to Courierpoint's standard list of prohibited items.

• Prohibited Items
• Antiques
• Asbestos
• Dangerous goods, hazardous or combustible materials
• Firearms, and parts of
• Furs
• Ivory
• Jewellery
• Pornography
• Precious metals & stones
• Used and secondhand items, especially technology appliances/components/parts
• Publications (including diaries, calendars, maps) that reference ‘South China Sea’ will be destroyed by Customs
 

 

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