Vietnam cuts red tape on luxury imports
Despite import restrictions mobile phones were listed among the top ten products with the highest import turnover
The circular taking effect from January 1, 2013 and has replaced the ministry’s Circular 197 issued on May 6, 2011, which only allowed the import of these products through Haiphong, Danang and Saigon seaports.
The move is aimed to simplify administrative procedures for importers.
Under Circular 197, besides submitting receipts for customs agencies to complete import procedures under the current laws, traders are required to show papers proving that they were selected for product distribution and import by producers. These papers must be recognised by Vietnamese diplomatic agencies in foreign countries.
This regulation, which was part of efforts to curb the trade deficit by restricting the import of non-essential goods in 2011, faced complaints from importers who said it had created severe difficulties for them.
The demand for products such as mobile phones, spirits and cosmetics sharply increases as the Tet holidays near, so the eased import regulations are expected to increase supply.
Vietnam saw a trade surplus of $284 million in 2012 according to the General Statistics Office.
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