The new Customs Law 54/2014/QH13 was approved by Vietnam National Assembly on 23 June 2014, which will take effect on 1 January 2015 with the following major changes:

•Details of activities which are prohibited against customs declarants and customs officers such as customs frauds and bribery etc.

•Specific rules on Priority Enterprise (PE) program – The rules on PE program was introduced earlier and have now been enacted to become law. The new Law prescribes the benefits which a PE can enjoy, requirements to become a PE, as well as responsibilities of customs authorities and businesses.

•Guidance for advance rulings on HS code, origin, dutiable value – Businesses may request for advance rulings on HS codes, origins, dutiable values which will have binding upon customs declarations.

•Introduction of “One-stop procedure” where all relevant procedures related to imported/exported goods are carried out at an integrated system– This concept is now brought into law.

As the next steps, further detailed provisions and implementing guidance of this new Customs Law will be made available in the forthcoming Government’s Decrees and Ministry of finance’s Circulars.

Please click here for more information.