CUSTOMS PROCEDURE - what are the forms of processing raw materials, supplies, machinery and equipment when processing contracts with foreign traders end or expire?

What are the forms of processing raw materials, supplies, machinery and equipment when processing contracts with foreign traders end or expire?

Reply:

Comply with Item 2 Article 64 of Circular No. 38/2015 / TT-BTC dated March 25, 2015 of the Ministry of Finance:

Pursuant to the provisions of Vietnamese law and the contents agreed upon in processing contracts, the handling of surplus raw materials and supplies, discarded materials, faulty products, machinery and equipment rented or borrowed for processing shall be carried out. does the following:

a) Sell in Vietnam market.

b) Exporting abroad.

c) Change to perform other processing contracts in Vietnam.

d) Donations and gifts in Vietnam.

e) Destruction in Vietnam.

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PROCEDURE FOR EXPORT AND IMPORT OF TEXTILE PRODUCTS 28/01/2021 14:32

Textile products is listed in top 10 major export products of Vietnam, according to statistics from the Customs Department, until October 2020, Vietnam’s total export volume for textiles reach 24,73 billion USD, while the total import volume for this product reach 17,40 billion USD. The fast pace growth of Vietnam’s economy alongside with EVFTA (free trade pact between Vietnam and the EU) went into full effect in January 2020 has plays a major role in the increase of Vietnam’s textile export. Furthermore, the growth in trade volume between Vietnam and the U.S – the trade partner with huge demand for textiles is boosting up Vietnam’s textiles export. Taking advantage of this, many textiles manufacturers alongside export - import enterprises now wants to join in the international market or increase their products volume.

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