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TWO MORE IMPORT COMMODITY GROUPS VALUED AT $US 20 BILLION

VCN – In the first time (as by 15/8), Vietnam already has 2 import commodity groups reached over $US 20 billion according to lasted information from General Department of Vietnam Customs.

two more import commodity groups valued at us 20 billion
Imported excavators of Doosan brand (Korea) in Hai Phong port. Photo: T.Bình

The two groups that reached this milestone are machinery and equipment group and computer, electronic products, and components, group. Notably, the import turnovers of these two groups have grown significantly by billions of dollars compared to the same period last year.

In that, machinery and equipment reached $US 22.603 billion, increased by $US 5.81 billion and continues to be the largest import group in Vietnam. The second place is computers, electronic products and components with $US 20.581 billion, increased by $US 4.276 billion.

With the total turnover of $US 43.184 billion, these two main groups accounted for nearly 34.2% of the total value of imported goods in the country at the same time. Moreover, the largest supply market of both groups is Korea.

According to the latest information on the import market at the end of July, computers, electronic products and components imported from Korea reached $US 7.1152 billion, accounting for nearly 37.3% of total import turnover of this group in the whole country. Meanwhile, machinery and equipment reached $US 6.964 billion, accounting for 32.8% market share.

Along with Korea, China and Japan are also major import markets for Vietnam’s machinery and computers, electronic products and components. In particular, the import turnover of machinery and equipment from China reached $US 6.255 billion, accounting for nearly 29.5%; While import turnover of computers, electronic products and components reached $US 3.816 billion, accounting for nearly 20%.

For the Japanese market, import turnover of machinery and equipment reached $US 2.493 billion, accounting for 11.7%; And import turnover of computers, electronic products and components reached $US 1.62 billion, accounting for over 8.4%.

By Thái Bình/Thanh Thuy

Source: http://customsnews.vn

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AGREED MINUTES BETWEEN THE VIETNAM CUSTOMS AND THE KOREA CUSTOMS SERVICE

VCN- The minutes were signed in Seoul, Korea on June 28, 2017.

agreed minutes between the vietnam customs and the korea customs service
The minutes between the Vietnam Customs and the Korea Customs Service was signed in Seoul, Korea on June 28, 2017.

In the spirit of the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Republic of Korea concerning Cooperation and Mutal Assistance in Customs Matters, concluded in Hanoi, Vietnam on March 10, 1995;

Confirming the well-established cooperative relationship between the General Department of Vietnam Customs and the Korea Customs Service (hereinafter referred to as “the two Customs Authorities”);

Acknowledging the importance of Customs roles in safeguarding the nation and advancing the national economy through trade facilitation and security, and noting that cooperation and partnership of the two States is imperative;

The General Department of Vietnam Customs delegation headed by Director-General, Mr. Nguyen Van Can and the Korea Customs Service delegation headed by Commissioner CHUN, Hong-UK at the 17th High-level Customs Cooperation Meeting held in Seoul, Korea on June 28, 2017, have reached the following understanding:

1. The two Customs Authorities noted that their mutual efforts for trade facilitation would contribute to the economic development of the two States, and agreed to continue collaborating to address challenges posted to exporting companies of the both nations.

2. The two Customs Authorities agreed to adopt the e-CO exchange scheme and they will make an effort to launch the e-CO exchange scheme at the 18th High-level Customs Cooperation Meeting. Both parties recognized the importance of creating a favorable trade environment and encouraging the use of FTA, and agreed to materialize the woking-level discussions on means of cooperation in the establishment of the e-CO information exchange scheme.

3. Acknowledging the importance of Customs’ role in the enforcement against illicit and illegal trade, the two Customs Authorities agreed to discuss Customs investigation operation at the working level.

4. Being acutely aware of the significance of capacity building through personnel exchange program, the two Customs Authorities agreed to continue the on-going discussion on arranging the twinning program between Ba Ria-Vung Tau Customs and Gwangju Customs to make a substantial effort.

By Hoang Anh

Source: http://customsnews.vn/