News Detail

The United States adjusts the list of hundreds of billion plus tax! Vietnam certificate

Issuing time:2019-08-27 09:45

ASEAN


The china-asean free trade area has been upgraded to enjoy greater convenience


On August 20, the protocol between the People's Republic of China and the association of southeast Asian nations (asean) on the amendment and part of the agreement under the protocol came into force. The upgraded asean free trade agreement is a further boost to the business environment and trade facilitation at our ports.


The "upgraded" china-asean fta certificate of origin removes the restriction on the number of goods in the certificate and has clearer criteria for the origin, making it easier for exporters and producers to have a clearer understanding of the rules of origin and easier to operate the certificate of original procedures.


For example, in the declaration of the certificate of origin, the restriction that only 20 items can be filled in one certificate is cancelled, and exporters are no longer required to note producer information in the application for the certificate. All these will greatly facilitate the export of China's products with strong competitiveness to asean and promote the development of trade.



the USA


In the second round, the list of tax increases of $300 billion will be adjusted


After the US trade representative's office announced on August 13, delay for $300 billion imports of some products after tariff, 17th again this morning to make the second round of adjustment tariff list: furniture, wooden furniture, plastic   furniture metal framework   chairs modems, baby stroller, cradle, such as baby bed goods are removed from the list, will not be affected by the 10% tax increases, but the furniture and related parts and components (similar to the handle, metal base, etc.), children's high chairs, baby food and so on is still in the list.


The number and sales of American retailers' own brands has increased by years


To ensure price competitiveness, American retailers are launching their own brands. Kroger, America's largest supermarket chain, has nearly doubled the number of US own-brand products since 2005. Albertsons, a fresh supermarket chain, has seen its own-brand products increase from 23% in 2017 to 25% in 2018. In addition to product Numbers, sales have also risen, with Kroger's own brands accounting for 18% of sales last year, or $22 billion, up from $15 billion in 2011.



Nigeria


The central bank will expand restrictions on foreign exchange imports


Nigeria's central bank has extended restrictions on foreign exchange imports to include more goods, central bank governor Godwin Emefiele said. He clarified that foreign exchange restrictions on food imports did not amount to a ban on imports. Nigeria's ban on foreign exchange purchases for some goods, announced in 2016, has not changed, with 43 commodities still subject to controls. Most of the foreign exchange restrictions are for food.


Nigerian President muhammadu buhari has ordered the central bank to stop foreign exchange purchases by food importers, after the central bank had preferred to restrict the purchase of foreign exchange by milk importers. Without considering the long-term effects, the policy will have a serious negative impact on manufacturers in the short term.



Iran


A preferential trade agreement with D8 will enter into force


Iran "Tehran times" reported on August 17, Iran trade promotion organization, said Zadbom, vice President of Iran's recent and D8 organization (Muslim developing the group of eight, including Bangladesh, Egypt, Nigeria, Indonesia, Iran, Malaysia, Pakistan and Turkey) signed a preferential trade agreement will take effect in two months. He said the organization is working to double trades with 15 neighboring countries.



Thailand


Chinese investment in Thailand has increased fivefold in six months


According to data released by the investment commission of Thailand, direct investment from overseas (based on the amount of applications) reached 147.1 billion baht (4.39 baht) from January to June 2019, 2.1 times that of the same period last year.


By country and region, Japan increased 2.1 times to 42.4 billion baht, still the largest investor. Direct investment into Thailand was followed by China at 24.2 billion baht, up 5.3 times year-on-year. Tire and metal and mold manufacturers are planning to enter the Thai market.


A group of manufacturing firms, including Japan's SONY and sharp and America's MOTOROLA, are planning to move production from Vietnam to Thailand. Vietnam's cheap land and labor have long been a magnet for investment, according to some of the first American companies to invest in the country. However, the headache for the earlier batch of enterprises is that the current labor wage increase in Vietnam is too big. Compared with the early days of China's reform and opening up, the wage increase in Vietnam is 18.6% faster. Moreover, the shortage of raw material supply and port turnover efficiency of Vietnam have become problems.



Vietnam

New ACFTA rules of origin


The ministry of industry and commerce of Vietnam issued notice no. 12/2019/ tt-bct on July 30, 2019, which stipulated the rules of origin in the asean-china comprehensive economic cooperation framework agreement (ACFTA) and put forward many new provisions. It includes:


Products made from raw materials qualified for origin are considered products qualified for origin. In addition to the RVC standard, more country-of-origin standards will be used, including four-digit level code conversion (CTH), De Minimis, and identical and interchangeable raw materials.


About product traceability check time of origin, if the exporter of certificate of origin issued by institutions (CO) after receipt of the importer of the authenticity of the certificate of origin, involving products, such as the accuracy of the information related to traceability check request after 90 days did not reply, the exporter can submit documents of the competent department will check the time extended by 90 days.


In addition to the general principles, the product-specific rules of origin (PSR), which was established on the basis of the 2017 harmonized system of commodity names and codes, adds the rules of origin for many goods.


The notice will take effect on September 12.


Container traffic from Vietnam to the United States rose 37 percent in July



According to the latest statistics from Descartes Datamyne, 1.52 million sea containers were shipped to the us from Asia in July, up 3.2 percent year on year. In addition, the export base is believed to be shifting to southeast Asia amid trade friction between China and the United States.

The number of containers shipped from Vietnam to the us reached 100,000 650 in July, up 37.3 per cent year on year, while shipments from Thailand rose 26.4 per cent and Singapore 22.2 per cent.



Nicaragua


New regulations on import manifest


According to nicaraguan customs regulations, additional mandatory information, including the consignee's tax number and HS code, will be required for goods shipped to Nicaragua as of August 26, 2019 (subject to the fact that the b/l supplement is submitted). If the information is missing in the bill of lading, the goods cannot be loaded.



Jordan


Customs launches e-commerce supervision platform


Jordan's customs authority (JCD) has announced that it will soon start an electronic platform to regulate e-commerce. The head of the general administration of customs, majid, said that Jordanian consumers are not willing to buy local goods and have turned to e-commerce platform shopping, causing serious losses to the trade industry. By taking this measure, the government responds to the demands of the trade industry and protects the interests of Jordanian traders, sellers and producers.


The decision to standardize the electronic commerce, and protect local products and domestic trade from invasion of e-commerce, the main measures for through e-commerce platform to buy clothes, shoes, children's toys and food new fees, and reduced personal electricity trade annual maximum amount, per person per year from the original 2400 decreased to 500 about the first about the first ($1 Jordanian dinars = 1.4124). The department will work with the commercial sector within three months to assess the impact of the decision to determine its feasibility.



Policy


A new round of reform and opening up in Shanghai and shenzhen


A new area of the China (Shanghai) pilot free trade zone near Hong Kong was officially unveiled on August 20. Just two days ago, the opinions of the CPC central committee and the state council on supporting shenzhen in building a pilot demonstration zone for socialism with Chinese characteristics were released. Two major moves in three days will not only outline the blueprint for the future development of Shanghai and shenzhen, but also set the direction for China's new round of reform and opening up.


The new zone near Hong Kong of the Shanghai free trade zone is designated as a "special economic function zone" with "reference to the management of special economic zones". Aiming at the target of 1 trillion yuan of economic aggregate by 2035, the new zone of lingang is now implementing the overall plan, focusing on the "five freedoms" of investment, trade, capital, transportation and employment, and creating a special economic function zone with more international market influence and competitiveness.


As an important window of China's reform and opening up, shenzhen special economic zone has made remarkable achievements in various undertakings and become an international and innovative city full of charm, motivation, vitality and innovation. On this basis, the guidelines clearly put forward that we should accelerate the formation of a new pattern of deepening reform and opening up comprehensively. Around the reform and opening up, the "opinions" put forward many tangible support measures, including support for regional assets state-owned enterprises reform and experiment in the shenzhen free trade area, high standard, high quality construction support shenzhen pilot we will deepen reform of the foreign exchange administration and support of shenzhen international large-scale sports events and cultural exchange activities, support the shenzhen to speed up the construction of the global ocean center city.





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