Over 86 billion USD in export turnover enjoys preferential tariffs under FTAs

The results of taking advantage of opportunities from Free Trade Agreements (FTAs) are positive. In 2023, export turnover enjoying commitments to eliminate or reduce tariffs under FTAs will reach over 86 billion USD, accounting for 37.35%.

Over 86 billion USD worth of goods exports enjoy tariff incentives under FTAs.

This is the content stated in the Report of the Ministry of Industry and Trade sent to the National Assembly and National Assembly deputies on the situation and results of implementing the National Assembly's Resolution on questioning the issues promised at the previous session (7th session, 15th National Assembly). in the field of Industry and Trade,

According to the Ministry of Industry and Trade, the results of taking advantage of opportunities from FTAs have been positive. In 2023, the export turnover enjoying the commitment to eliminate or reduce tariffs under FTAs will reach over 86 billion USD, accounting for 37.35% of Vietnam's total export turnover of 230.5 billion USD to FTA markets, up 9.2% compared to 2022.

This result is achieved thanks to the implementation of solutions to effectively utilize existing import-export markets and exploit potential new markets to improve the efficiency of import-export activities through a series of solutions.

The Ministry has coordinated with relevant units and provinces and cities to organize workshops to disseminate ways to take advantage of opportunities from FTAs, including clarifying requirements to ensure the origin of goods to enjoy preferential tariffs.

Effectively deploy the system of issuing Certificates of Origin via the Internet and the mechanism of Self-Certification of Origin; review and simplify the process of issuing Certificates of Origin (C/O); apply electronic C/O declaration.

"From January 1, 2024, Vietnam has implemented the issuance of electronic C/O to enterprises, including C/O forms: AANZ, AJ, E, AHK, RCEP, CPTPP, VJ, VC, VN-CU and S. For C/O form D and C/O forms AK, VK (to Korea), Vietnam has implemented the transmission of electronic C/O data," the Ministry of Industry and Trade emphasized.

At the same time, the Ministry reviews and adjusts the preferential C/O issuance process to reform administrative procedures and create favorable conditions for export enterprises when applying for C/O issuance.

Organize conferences with export industry associations, through the associations to guide and propagate to Vietnamese export enterprises to properly implement regulations on origin of goods; take advantage of tariff incentives; prevent and stop acts of transshipment of goods and trade fraud.

Negotiate and sign new economic links and bilateral and multilateral cooperation mechanisms with countries and regions with potential to expand and diversify markets, supply chains and import and export products.

Administrative reform and facilitation of import and export activities will continue to be promoted. In 2024, the Ministry of Industry and Trade will closely coordinate with customs agencies to promptly resolve and create maximum convenience for businesses importing goods subject to specialized inspection.

On that basis, the designated Testing Labs have conducted the testing in the fastest time to help businesses have early results to carry out customs clearance procedures for shipments, accordingly, the Certificate of registration for state inspection of the quality of imported goods (explosive precursors and industrial explosives) is issued within 1 working day.

Regarding the issuance of Certificates of Origin (preferential C/O), in order to support businesses in effectively utilizing FTAs, the Ministry has reviewed and adjusted the preferential C/O issuance process to reform administrative procedures and create favorable conditions for exporting businesses when applying for C/O.

Accordingly, from January 1, 2024, Vietnam has implemented the issuance of electronic C/O to enterprises including C/O forms: AANZ, AJ, E, AHK, RCEP, CPTPP, VJ, VC, VN-CU and S. For C/O form D and C/O forms AK, VK (to Korea), Vietnam has implemented the transmission of electronic C/O data.

The Ministry of Industry and Trade also coordinates with industry associations and export enterprises to resolve difficulties and problems of enterprises as well as provide guidance on regulations on certification of origin of goods, providing maximum support for enterprises to export goods.

To date, Vietnam has deeply integrated into the world market with 16 FTAs signed and implemented, 3 FTAs under negotiation. These FTAs are assessed to have opened the market for export goods, creating opportunities for Vietnam to connect and participate more deeply in the global value chain and production network.

Source: https://baodautu.vn/tren-86-ty-usd-kim-ngach-xuat-khau-duoc-uu-dai-thue-quan-theo-cac-fta-d228007.html