Guidance on Value Limits in EVFTA

1:04:27 PM | 18/11/2020

The General Department of Vietnam Customs recently sent an official dispatch to provincial/municipal customs departments on the value limit of goods in the EU - Vietnam Free Trade Agreement (EVFTA).

Specifically, the value limit of goods in Article 28 of the Protocol 1 of the EVFTA Agreement is legislated in Article 33 of Circular 11/2020/TT-BCT of the Ministry of Industry and Trade on EVFTA.

Specifically, Article 33 provides for currency unit conversion as follows:

In case the value limit of goods specified at Point b, Clause 1, Article 19 and Point a, Clause 3, Article 29 of this Circular are denominated in a currency other than EUR, the equivalent value limit shall be calculated according to the national currency of EU member states or of Vietnam.

A consignment with an invoice in a currency other than EUR will have a value limit specified at Point b, Clause 1, Article 19 and Point a, Clause 3, Article 29 of this Circular, according to the limit set by member states.

By Huong Hau, Vietnam Business Forum