Vietnam: Supplementing customs value used for stocktaking of imported and exported goods

14:17, 17/06/2018

On April 20, 2018, the Government of Vietnam issued Decree No. 59/2018/NĐ-CP on amendments to some Articles of Decree No. 08/2015/ND-CP providing specific provisions and guidance on enforcement of the Customs Law on customs procedures, examination, supervision and control procedures.

Notably, in comparison with Decree No. 08/2015/NĐ-CP, Decree No. 59/2018/NĐ-CP of Vietnam’s Government has supplementing customs value used for stocktaking of imported and exported goods as follows:

- Customs value, used for stocktaking of imported and exported goods, shall be determined based on the information provided in the customs declaration and other relevant information sources.

- Customs value, used for stocktaking, shall be determined according to the rules and methods stipulated by law, EXCEPT the following cases where the customs value used for stocktaking is based on the information provided by the customs declarant:

+ The customs value of a commodity manufactured in a foreign country and imported into Vietnam shall be calculated at the first port of entry (CIF delivery or equivalent delivery) In case where the customs value of the commodity delivered through CIF model or equivalent model cannot be determined, the customs declarant shall include the total value of components of commodity including the value of raw materials used for manufacturing such commodity, its pricing cost and other costs (if any)

+ The customs value of exports under outward processing contracts shall be calculated at the port of exit (if using FOB or equivalent model) In case where the declarant cannot determine the value of the commodity exported through FOB or equivalent model, its customs value shall be calculated using the total value of components of commodity including the value of raw materials used for manufacturing such commodity, its pricing cost and other expenditures (if any)

+ The customs value of commodities specified in the financial leasing contract is the total value of the commodities, except the value of services provided in the contract.

The Ministry of Finance of Vietnam shall provide detailed regulations on collecting, processing, using and storing information regarding the customs value used for stocktaking.

View relevant provisions at Decree No. 59/2018/NĐ-CP of Vietnam’s Government, effective from June 05, 2018.

-Thao Uyen-

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