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Open an import-export company in Vietnam

Vietnam is located in the center of Asia with a long coastline. Currently, Vietnam has 49 seaports including 10 large-scale ports and 9 international airports. International trade activities are always very busy and developed. In addition, being a member of many large international organizations such as WTO, ASEAN and APEC, Vietnam has opened the market for import and export of goods to member countries with many favorable tariffs. Recognizing these advantages, many foreign investors have been coming to Vietnam to carry out import-export business. In this Article, we will find out the legal conditions to open an import – export company in Vietnam.

 

1. Scope of business

Basically, an import-export company can conduct 2 rights:

Export right means the right to purchase goods in Vietnam for export, including the right to have one’s name written in the exports declaration in order to carry out, and take responsibility for, export-related procedures. Export right does not include the right to purchase goods from non-traders for export, unless otherwise provided for by Vietnamese law or treaties to which Vietnam is a contracting party. 

Import right means the right to import goods from abroad into Vietnam for sale to traders who have the right to distribute such goods in Vietnam, including the right to have one’s name written on the import goods declarations for execution and take responsibility for import-related procedures. Import right does not include the right to organize or participate in the distribution system in Vietnam except otherwise provided for by Vietnamese law or international treaties to which Vietnam is a contracting party.

 

2. What kind of goods can be imported – exported?

Currently, an import – export company can import – export EVERYTHING and not be limited by the number of HS codes in the license as in previously regulations. There are just few basic rules on import – export goods that you shall remember:

– Import and export goods shall be not on the list of goods banned from import or export; the list of goods temporarily suspended from export or import; List of goods not entitled to export or import right in treaties to which Vietnam is a contracting party;

– In order to export or import goods which are under permits or conditions, traders must obtain licenses or permits before carrying out import or export activities by fully meeting the conditions prescribed by specialized laws. For example, if a trader wishes to import cosmetics, he must complete Cosmetic Products Notification procedures in Vietnam, before importing goods.
 
– Lubricants, rice, sugar, media recordings, books, newspapers and magazines are considered as sensitive goods which Vietnam has not committed to open market. Traders must apply for a Business License with the approval of Vietnam Ministry of Industry and Trade, before conducting import or export these goods. 

SHOULD YOU ENGAGE IN A LAWYER AND AN ACCOUNTANT

Investment registration may seem like a major step in a new business venture for many people. Like anything, it can be daunting if you haven’t done it before and you definitely to make sure that it’s done correctly. Otherwise, you may waste a lot of time and pay fines if you do mistake, even a little one.

The process is generally quite smooth if you involve a professional to help you out. Every one wants to spend less time administering their business and more time running it. In Feline Legal, with many years experience in corporate services, lawyers and accountants will assist you and provide advance with forming your company. We also complete the paperwork, register your company and follow steps after that. You can save a lot of time and enjoy good services with reasonable price

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