The Ministry of Finance has issued the Circular 63/2011 providing regulations on applying pilot preferences in customs to businesses. In mid-July, the General Department of Customs announced the first nine companies to enjoy the pilot special preferences including three foreign-invested firms (Japanese and South Korean) and six local companies.
The six local firms are operating in the fields of seafood export, rice export, coffee export and oil and gas business. The chosen firms have been praised for abiding by law and recording high revenues in their industries. They will enjoy significant and practical benefits from this new management. This is an important step for the acceleration of administrative reform in the Vietnamese customs sector. They will enjoy special preferences in customs procedures such as exemptions from inspection of detailed customs documents and goods (except for clear evidence of infringements) or post-entry audits. They will be able to perform e-customs 24 hours a day, seven days a week and pay monthly customs tax and fees through banks, as among other preferences. They will have tax refunded earlier and audited later and have one-time declaration of import-export customs documents for multiple use. In the long term, when Vietnam signs agreements on mutual recognition of priority businesses with other countries, they will not only enjoy preferences in Vietnam but in the countries Vietnam signed such agreement with.
However, conditions applied to priority businesses are very high. They have to meet seven conditions: Abiding by law (cannot be fined more than three times for legal violations and each fine cannot exceed VND20 million), recording high revenues, adopting transparent accounting system, applying effective business activities, using banking payments, and using e-customs procedures.
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The list of nine companies accredited with special preferences:
1. Binh Son Refining and Petrochemical Co., Ltd, Quang Ngai province
2. Vietnam Southern Food Corporation (Vinafood 2)
3. Minh Phu Seafood Group Joint Stock Company, Ca Mau
4. Samsung Vina Electronics Co., Ltd (South Korea)
5. 2/9 Daklak Import Export Co., Ltd
6. Brother Industries Vietnam Co., Ltd
7. An Giang Fisheries Import & Export JSC
8. PetroVietnam Oil Corporation (PV Oil)
9. Sumi Denso Vietnam Co., Ltd
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With respect to export - import turnover conditions, companies will be given priority with annual revenue of over US$500 million, applied to all commodities. Exporters of purely Vietnam-originated seafood, agricultural products and crude oil have yearly turnover of US$100 million. High-tech companies satisfy turnover conditions provided by the General Department of Customs.
Mr Nguyen Ngoc Tuc, General Director of the General Department of Customs, asserted that the recognition of priority enterprises is the accreditation of the Ministry of Industry and Trade and the General Department of Customs for contributions of such enterprises to Vietnamese economic development and is the symbol of confidence in their future law compliance.
Mr Yoo Young Bok, General Director of Samsung Electronics Vietnam Co., Ltd, highly appreciated the efforts of customs authorities in adopting a new management form for the sake of businesses.
In 2011, the customs sector will strive to grant the status of special preferences to 50 enterprises. The recognition of priority enterprises is part of the Vietnam customs reform and development strategy till 2020, aiming to bring the Vietnamese customs sector to reach the regional and international levels.
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