Tuesday, July 7, 2020 12:23:13 AM - Markets open
VN-INDEX 861.16 +13.55/+1.60%
HNX-INDEX 113.07 +1.52/+1.37%
UPCOM-INDEX 56.48 +0.22/+0.39%
Government to crack down on trade fraud
Vietnam News - 6/12/2019 1:50:33 PM
 (0 ratings. You must sign in to rate.)
The Government will adopt stricter penalties to prevent foreign goods being exported to the other markets under Vietnamese labels to avoid tariffs.
 
Experts forecast that firms exporting goods from countries subject to high tax rates would find ways to illegally transfer the goods to Việt Nam and then export them to the US, Europe and Japan to circumvent the ongoing US-China trade dispute.
 
Nguyễn Văn Cẩn, director of the General Department of Customs, said they had directed provincial and municipal units to drastically strengthen inspections to uncover fake certificates of origin (C/O).
 
Goods imported from China are sometimes repackaged with “made in Viet Nam” labels, before they apply for certificates of origin for export to the US, Europe and Japan.
 
Violations have been uncovered in different sectors, including garment and textiles, seafood, agriculture and honey, as well as steel, aluminium and timber.
 
The General Department of Customs is developing a process for check-up and supervision of goods which are at risk of illegal transfer and fake C/O to prevent trade fraud and protect local production.
 
Hoàng Thị Thủy, head of C/O Supervision and Intellectual Property, said Vietnamese businesses (including foreign invested companies) only implement outsourcing or simple assembly and do not meet C/O principles. However, they still apply for C/O in Việt Nam.
 
They have discovered dozens of C/O violations and transfers of illegal goods so far.
 
The General Department of Customs has instructed customs branches to enhance check-ups on C/O and goods labelling. Goods imported from China will be checked regarding their code, name, origin and labelling.
 
National Assembly deputies also warned that domestic companies should be careful in associating with foreign firms to ensure transparency. They should not take advantage of legal loopholes to collaborate with foreign businesses in exporting goods to the US.
 
Đỗ Văn Sinh, a permanent member of the Economic Committee of the National Assembly, said that it was possible some countries could choose Viet Nam as a trans-shipment point when it is difficult to export goods directly to the US.
 
Deputy Prime Minister Phạm Bình Minh during an NA question and answer session last week said that authorities uncovered violations of illegal goods imported into Việt Nam. This has affected Vietnamese brands, goods and consumers.
 
He believed that the Vietnamese brand has improved in terms of quality and received positive feedback from foreign markets. This was the reason that many foreign firms have taken advantage to sell poor quality goods.
 
He said the Government assigned the Ministry of Industry and Trade (MoIT) to develop a decree which increases  penalties for such violations.
 
MoIT’s deputy minister Đỗ Thắng Hải said counterfeit goods labelled as “made in Việt Nam” had not only been exported to other countries but also consumed in the local market.
 
Hải said the ministry had closely co-operated with relevant agencies to solve the problem, thus ensuring rights of Vietnamese businesses and not affecting the image of Vietnamese goods on the global market. — VNS
 
Read original article here
Newer News
06/07 Vietnam needs professional investment environment
05/07 Pork and oil prices key to keeping inflation under control: experts
01/07 Administrative reforms would help unlock EVFTA's potential: EuroCham
01/07 Việt Nam highlights efforts to ensure human rights amidst COVID-19 pandemic
30/06 Vietnam’s trade surplus hits 4 billion USD in H1
29/06 Vietnam’s economy records decade-low H1 growth
27/06 US initiates investigation into Vietnamese tyre
18/06 Deals highlight VN-EU bilateral ties, global integration efforts
10/06 Tra fish industry strives to win over domestic consumers
04/06 Vietnamese economy bounces back in May: WB
Older News
12/06 Fitch sees positive outlook for Việt Nam
11/06 Việt Nam becomes second largest exporter of lychees
11/06 Public debt within permissible limit: Finance Ministry
10/06 Vietnam’s watch market worth about 750 million USD per year
10/06 Vietnam to lift cross-border trade transaction index
07/06 100 Vietnamese firms to list products on Amazon
06/06 New Zealand helps Việt Nam add value to its dragon fruit
05/06 Experts of Vietnam, Russia discuss cooperation in economic globalisation
05/06 VN hopes to enter MSCI watchlist this year, but experts are uncertain
04/06 MoIT imposes temporary anti-dumping duties on Chinese products
 
Newsletter Signup
Top Stories
Reference exchange rate remains unchanged
New traders flock to market
Reforms needed to attract foreign portfolio investment: fund manager
Reference exchange rate down 2 VND on June 4
Foreign Ministry: Vietnam recovers economy during, after COVID-19
Market Update
Last updated at 3:10:04 PM
VN-INDEX 861.16 +13.55/+1.60%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.