Vietnam to Exempt Tariff on Imported Penny Commodities Through Express Services

On December 2, 2010, a report from the website of Vietnam Trade Newspaper said that the Vietnamese Prime Minister signed the decision No.78 on November 30, 2010, ruling that they will exempt tariff and value-added tax on the commodities imported through express services with their value under Dong one million (about USD 50) from February 1, 2011. The imported commodities over the value mentioned above will be imposed taxes according to relevant rules.

According to the rules mentioned above, the Vietnam Ministry of Finance indicates that about 40,500 shipments of express cargo will gain exempted taxes every month in Vietnam, taking up 64% of the total express cargo. This decision aims at reforming administrative formalities and matching international conventions. Recently, the similar rules have been carried out in part of the countries of the Asian-Pacific region like Australia, China, Indonesia, Japan, R. O. Korea, Malaysia, New Zealand, Singapore and Thailand.