What are regulations on headquarters of the transit trader of goods in transit through the ASEAN Customs Transit System (ACTS) in Vietnam?

What are regulations on headquarters of the transit trader of goods in transit through the ACTS in Vietnam?

Pursuant to Clause 1, Article 32 of the Decree 46/2020/ND-CP stipulating headquarters of the transit trader of goods in transit through the ACTS in Vietnam as follows: 

The transit trader must be a Vietnamese enterprise with a registered office in Vietnam or a foreign transit trader’s branch or representative office established in Vietnam according to the establishment license granted by a competent authority of Vietnam.

What are regulations on the extent of use of the ACTS procedure in Vietnam?

Pursuant to Clause 2, Article 32 of the Decree 46/2020/ND-CP stipulating the extent of use of the ACTS procedure in Vietnam as follows: 

The transit trader must ensure that the number of customs transit declarations completed through the ACTS must be at least 60% of total customs declarations for goods in transit through the Contracting Parties within a period of 01 year by the date the transit trader submits an application for authorized transit trader status.

What are regulations on compliance with the Law on auditing ACTS procedure in Vietnam?

Pursuant to Clause 3, Article 32 of the Decree 46/2020/ND-CP stipulating compliance with the Law on auditing ACTS procedure in Vietnam as follows: 

The annual financial statements of the transit trader must be audited by an audit firm qualified to render auditing services in accordance with regulations on independent auditing. The auditor’s opinions about the financial statements indicated in the auditor’s report must be unqualified opinions according to auditing standards of Vietnam.

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