Vietnam formalises new Customs regime

HO CHI MINH CITY – Vietnam’s Ministry of Finance has issued a new Circular expected to take effect from August 11 which in effect formalises a pilot programme introduced two years ago to speed up and simplify Customs procedures for ‘prioritised enterprises’, usually referred to as Authorised Economic Operators (AEOs). In a Client Alert, lawyers Baker & McKenzie say that while the new Circular will be useful for import and export businesses, these businesses must fully satisfy all the requirements listed in the new Circular to be considered an AEO.