VAT

Vietnam Import Tax and Duties: all you need to know

If you're an international trade professional or planning to import goods into Vietnam, it is essential to understand the tax implications of your operations. Vietnam, as a booming economy, offers many opportunities for businesses around the world, but knowing the rules regarding import taxes and duties is crucial to avoiding obstacles when clearing customs and avoid unpleasant surprises.

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best products to import from vietnam

Best 10 products to Import from Vietnam

Vietnam is a giant wholesaler, a country where you can find everything you want at unbeatable prices. That’s the reason, so many retailers are sourcing their products from Vietnam manufacturers, it’s easier to generate profit from cheap items bought.

As sourcing experts, we know that finding a good product that you can flip could be hard. To assist you with this critical step, we looked for popular products you can easily resell for a profit.

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Manufacturer in Vietnam

Sourcing products manufactured in Vietnam

Introduction

Vietnam is becoming another manufacturing hub apart from China, if you are looking for another country to tackle the rising additional cost involved when manufacturing in China. The manufacturing advantages in China may not be lucrative anymore.

Vietnam’s manufactured exports to the United States surpassed $96.3 billion in 2021, with a focus on textiles, apparel, electronics, and foodstuffs. The government has pledged to become a high-income country by 2024, with a more environmentally friendly and inclusive economy. Manufacturing accounts for 25% of Vietnam’s rising economy, and the country’s GDP is expected to grow by 5.5 percent this year.

Although Vietnam is offering itself as a growing manufacturing hub it is far from the manufacturing standards followed by neighboring giants Taiwan, China, and Japan. Vietnam, like every other industrial location, has its own set of advantages and disadvantages. In this article, we’ll go over six points to think about if you’re thinking of manufacturing in Vietnam. We also offer suggestions for determining whether this appealing Asian manufacturing site is suited for your products.

 

Advice FNM: Manufacturing sector is still new in Vietnam, consider the location of the Manufacturer for sourcing before signing any contract. You can also get an expert help, FNM Vietnam expert are experienced in the field of manufacturing and supplier sourcing, all you have to do is to fill in our contact form to reach to our experts, who be glad to help and assist you.

 

The Initiatives of the Vietnamese government to grow international trade

The government has taken a stance to change its image across the world and enhance the economy of Vietnam by venturing into manufacturing. As known, Vietnam is an agricultural focus country.

The government wants to diversify the country’s portfolio to minimize the threat to their economy from external influence. Companies like yours can take benefit of this sentiment and get your production going, as the government will be making it easier for foreigners to make international trade with them.

Info FNM: The Vietnamese government is opening its door to new traders, if you are planning to switch your manufacturing from China, FNM Vietnam  is here to help, contact us through our free from.

New Trade Agreements

trade agreemant At the beginning of the 21st century, A Bilateral trade deal was signed between the United States and Vietnam. The RCEP agreement was also signed by Vietnam aka Regional Comprehensive Economic partnership that has a web of 15 nations and nearly a 3rd of the population on the west Pacific Rim on this planet, all in 1 trade Zone, this was possible as Vietnam was already a reputed ember of ASEAN trade agreement which is for south-east Asian countries exclusively. This shows that Vietnam has access to source materials from its partners and neighboring countries in the ASEAN and RCEP regions.

Tax Haven

The government of Vietnam provides tax benefits to attract foreign investment into the country. To build the manufacturing industry domestically, they provide establishments that are technologically advanced in industrial colonies at discounted tax rates, strategic tax holidays, and other tax incentives to grow and build in the country. These benefits help the new manufacturers to increase their capability and capacity at lower tax rates.

Modern Infrastructure

Infrastructure

Connectivity can become a problem, as one might think for a country like Vietnam. The city of Ho Chi Minh aka Saigon, the financial capital of Vietnam, has gone under progressive infrastructure growth, especially in the south.

The locale surrounding the city of Hanoi, the capital of Vietnam, has gone under large investments with electronic tech giants such as Samsung towards the growth of the region by deploying people and money in mass. This region of Vietnam is ahead of the rest and is recommended due to connectivity and ease of moving supplies from port to your facility and vice versa with finished parts or products. In a booming region in the efforts for expansion, roads are being built, railways and ports to support growth when it comes to manufacturing.

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Labor Training Programs

One of the major stakeholders, employees are the driving asset for organizations, the central government understands the need to upskill their people, to enhance the knowledge and skills of their workforce, this is another way the central government is making their domestic market vibrant and a part of the diversification of the economy. There are several vocational programs in their arsenal of development initiatives. The labor force manufacturing is high quality and has enhanced the capabilities of the Vietnamese workforce.

A Commitment towards Green Economy

green economyFor the Vietnamese government, sustainability is a primary motivator. They want to be a carbon-neutral country by 2050, and one of their green goals is to develop a sustainable manufacturing industry.

This is an excellent time for businesses who want to become more sustainable and want to start from scratch. Vietnam has benefits in that the manufacturing industry is a rising sector in the country, and they can apply sustainable directives for cleaner energy and manufacturing processes to establish a green economy in its totality through infrastructure, which is only the beginning. If green manufacturing is ingrained in your company’s DNA, it may be the determining factor in the manufacture of your product.

Finding the Right Factory for Production

You may already be aware of the number of manufacturing choices there in China, it becomes overwhelming sometimes to which manufacturer to choose. Despite the Pandemic hit in the year 2020, the World Bank in Vietnam reported the manufacturing sector alone brought $45 billion in revenue in US dollars but in the same year China made $3.2T in US dollars.

We see the difference is more than 60x times, which shows Vietnam’s manufacturing sector does not have a solution for every manufacturing need. The choices are limited, you will have to find the right connections to know about the domestic market and get in touch with the right partner. You will need someone to check if the manufacturer has all the resources such as specific technical equipment for your product’s creation and does it have relevant skilled labor and specific equipment.

It is also required to check certifications for quality control, which is progressively developing as well. All boils down to selecting the right manufacturer to make sure your production is seamless. The capability of Vietnam is limited for now and it’s still developing its manufacturing sectors unlike China, so It might not be the option for everyone, but it can be an option for you Contact FNM Vietnam for more info.

 

Alert FNM: There are new manufacturers in the market, be cautious and check the records, capabilities and production capacity of manufacturers prior considering them, Contact DocShipper if you need help!

Consider the Supply Chain Capabilities

The pandemic in 2020 showed the world how depending on 1 country for its manufacturing process can affect production around the world. Importers are thinking of diversity in their sourcing but beware of the supply chain loopholes and capabilities of other options available. Make a clear analysis of how you will get your products delivered to you and raw materials into Vietnam if you’re sourcing it from a third country to your manufacturer’s factory, identity and examine all the costs that may occur. It is an advantage that Vietnam has a land connection to China and the recent regional agreement of RCEP mentioned beforehand nullifies many barriers and allows tariff reductions. You have the option to source from RCEP partners such as Taiwan, Indonesia, Philippines, Singapore, South Korea, and Japan.

The Bureaucracy and Developing Infrastructure

BureaucratyVietnam’s two most generous challenges in construction allure production area, that it is increasing, and it has a sole-body, central regulated administration. Infrastructure bettering be reluctant demand and organizing. Government bureaucratic rules may be confusing  although reconstructing, two together endure determinant into your conclusion, exceptionally by what method they grant permission impacts your schedule and in what way or manner long it will enjoy receiving your brand to display.

Finding the Right Partner: Enhance Strengths

Choosing a production friend is so detracting that sourcing is a stage in the brand growth process. At the beginning of your sourcing journey, you endure believing diversified locales for production, containing Vietnam. Make sure you believe what science you need, by means of what much labor is necessary, and the needs of your supply chain. Finding masters the one thinks the local advertising is even more influential in Vietnam than in added nations. Because the product manufacturing is still increasing and skilled are not almost as many laboratories to select from, dignitary the one sees terrain is essential. Finding those masters is easygoing with the help of FNM Vietnam. Our group has knowledge of Vietnam and added nations around the globe. We again specify the planet’s first worldwide forum for production incidents. You will find an approach to the fashionable society and guests to not only help you survey Vietnam production but replace your complete commodity happening crew. The current real world is that even though China is still the worldwide director in production, you have additional alternatives. And for many products, production in Vietnam grants permission to be a high-quality choice. Reach out to our crew, and let’s survey in what way or manner we can help.

 

Adivce FNM :We help you with the entire sourcing process so don’t hesitate to contact us if you have any questions !

  • Having trouble finding the appropriate product? Enjoy our sourcing services, we directly find the right suppliers for you!
  • You don’t trust your supplier? Ask our experts to do quality control to guarantee the condition of your goods!
  • Do you need help with the logistics? Our international freight department supports you with door to door services!
  • You don’t want to handle distribution? Our 3PL department will handle the storage, order fulfillment, and last-mile delivery!
 

DocShipper | Your dedicated freight forwarder in Vietnam !

 

Due to our attractive pricing, many customers trust our services and we thanks them. Stop overpaying the services and save money with our tailored package matching will all type of shipment, from small volume to full container, let us find the best and cost-effective solution.

Communication is important, which is why we strive to discuss in the most suitable way for you!

Vietnam to take UK's place in the U.S's Top Trading Partners

Vietnam to take UK’s place in the U.S’s Top Trading Partners

For more than 20 years, the top seven U.S. trading partners in goods have remained the same: Canada, Mexico, China, Japan, Germany, South Korea, and the United Kingdom. But with the U.K.'s share slipping to 2.6 percent in the first 10 months of 2022 and Vietnam's share rising to 2.7 percent, seventh place could now belong to Vietnam.

The United States and Vietnam established diplomatic relations in 1995, and since then, trade between the two countries has grown significantly. This growth has been facilitated by a number of factors, including the signing of trade agreements, including the U.S.-Vietnam Bilateral Trade Agreement in 2001 and the Trans-Pacific Partnership (TPP), which aims to promote economic development and increase trade between the two countries. Vietnam is now the 10th largest trading partner of the United States, with two-way trade totaling over $120 billion in 2021.

The United States imports a variety of goods from Vietnam, including textiles, clothing, footwear, furniture, and electronics. It also exports a range of products to Vietnam, including machinery, aircraft, and agricultural products.

Meanwhile, between the pandemic and Brexit, the U.K. economy has been through a tumultuous few years and the outlook for 2023 doesn’t look to improve any time soon.

Source: Bloomberg

Note: FNM Vietnam is your supply chain management partner, helping small and medium-sized businesses and individuals like you to safely purchase and import products from Asia. We help you find a reliable manufacturer or wholesaler, negotiate the price, and ensure the smooth transportation of your order internationally.

To contact us, please fill out the form or get immediate answers to your questions by calling our experts.

Adivce FNM :We help you with the entire sourcing process so don't hesitate to contact us if you have any questions !

  • Having trouble finding the appropriate product? Enjoy our sourcing services, we directly find the right suppliers for you!
  • You don't trust your supplier? Ask our experts to do quality control to guarantee the condition of your goods!
  • Do you need help with the logistics? Our international freight department supports you with door to door services!
  • You don't want to handle distribution? Our 3PL department will handle the storage, order fulfillment, and last-mile delivery!

 

DocShipper | Your dedicated freight forwarder in Vietnam !

 

Due to our attractive pricing, many customers trust our services and we thanks them. Stop overpaying the services and save money with our tailored package matching will all type of shipment, from small volume to full container, let us find the best and cost-effective solution.

Communication is important, which is why we strive to discuss in the most suitable way for you!

fabric-supplier-vietnam

How to Find a Wholesale Fabric Supplier in Vietnam?

Vietnam is increasingly attracting investors, importers, and big companies. This phenomenon is due to the rapid development of the manufacturing industry. The country is one of the world's largest exporters of electronics, shoes, and especially textiles. This is why we wanted to give you some advice on finding the best fabric supplier in Vietnam.

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What Does a Freight Forwarder Do & How to Choose One

What Does a Freight Forwarder Do & How to Choose One?

The export and import of goods on a global level requires knowledge of the various procedures as well as the related modes of transport (freight by land, sea and rail, etc.). These formalities allow goods to leave and enter legally from one territory to another. These rigorous interventions require increased know-how and expertise. This is why you must work with a reputable freight forwarder if you want your company to be successful on the international market. Take a look at why freight forwarders are essential and how to choose the right freight forwarder.

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find-wholesale-supplier Vietnam

How to Find Wholesale Suppliers in Vietnam?

Vietnam's manufacturing industry is developing faster than ever, which means that finding the best supplier for your products is simpler, but not as in China yet, in fact, it’s still a number of difficulties.

The main obstacle to sourcing a supplier in Vietnam is the fragmented business environment. Despite having the third-fastest economic growth in the world, Vietnam is nonetheless going through some growing pains.

When looking for a supplier, it can occasionally feel like the Wild West, and getting information without being there in person can be difficult.

Despite this, you can still get assistance from a number of sources. The finest strategies to find a supplier in Vietnam are gathered in this guide.

If you are looking to import products from Vietnam, but you have some apprehension regarding the supplier, this article will help you !

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Made in Vietnam

Vietnam manufacturing as a new Eldorado for your product ?

China has long since broken the world production record after the United States. However, it is no longer the only global producer in Asia. Despite its advantages, import and production costs are increasing more and more. To this end, the Vietnamese market has proven itself in industry, in this case manufacturing, and today represents an alternative offer in Asia. The manufacturing industry accounts for 25% of Vietnam’s GDP, and thanks to development policies attracting potential investors, Vietnam is increasingly becoming a target for manufacturing and importing goods from Asia.

Docshipper is offering several services to the clients who want to do business in Vietnam, going from freight forwarding and sourcing supply agent in Vietnam till the last mile delivery. Our specialist will assist from A to Z along your supply chain process.

In this blog, we offer six points you need to know about the manufacturing industry and areas for improvement conducive to the development of Vietnam.

 

Low labor cost

Low labor cost is one of the main reasons many buyers source from Vietnam. $2.99 ​​per hour in Vietnam , compared to $6.50 per hour in China, represents the average income in Vietnam in 2021. This undervaluation of labor is due to the scarcity of skills. Indeed, if the manufacture of the products requires a lot of manpower, collaborate with a partner on the Vietnamese market, you will be profitable.

Info Docshipper :If you need to find valuable advice and assistance in regard  to manufacturing or simply  sourcing process in Vietnam,  our experts will support you throughout your whole supply chain process.

 

Vietnamese government support

The Vietnamese government’s commitment to a diversified economy has contributed to the development of trade, especially in the manufacturing sector. Measures such as infrastructure development, international free trade agreements, tax breaks, education, and training contribute to business growth. Thus, the market presents a favorable climate for business growth, which can attract new international investors to contribute to the development of the country.vietnam-docshipper

Government Growth Plan

On this infrastructural plan, many advances are noted on the railroads, road and maritime, it is the case of the city of Hanoï and all around the south. Training and education measures for the acquisition and diversification of skills in order to boost the market and to be in line with the skills demanded on the world market. In addition, a light tax policy that attracts potential international investments. This tax incentive contributes to the development and construction of the country. For example, a low tax rate, or even a tax exemption, can be granted to companies wishing to build Vietnamese soil and participate in the growth of the country’s economy. In the same vein, 12 free trade agreements will be signed in 2021 and in particular a trade agreement between the United States and Vietnam signed since 2001. These partnerships, or even agreements, facilitate the acquisition of raw materials, the export of goods in the world. Below are important agreements that have impacted business growth in Vietnam: ASEAN (Association of Southeast Asian Nations) and RCEP (Regional Comprehensive Economic Partnership).

Commitment to a green industry

green economy in VitenamBy 2050, the Vietnamese government aims to reduce carbon emissions and become greener in relation to the growth of industrial activities. To this end, a commitment has been made to the sustainable development of manufacturing. The benefit of this commitment encourages manufacturers to use and implement cleaner and more environmentally friendly manufacturing measures. Moreover, these ecological policies are attracting more and more companies concerned about their image and the environment.

 

Advice Docshipper : Are you looking for a reliable manufacturer in Vietnam? We help you find manufacturers according to your expectations. Contact our experts for more information.

Find a reliable partner

global-transportation-system-abstract-conceptFinding the right partner is a complex task. Thus, many factors must be taken into account, especially when your search is international access. Already, it is essential to know the cultural values, the social, economic and political issues of the country where you want to do business. But also to know the strengths and weaknesses of your partner’s company in order to avoid any surprises.

Attention

If your product requires technological input. It is important to also focus on this point when looking for partners, because in Vietnam, not all suppliers have state-of-the-art technological equipment. It is undoubtedly that China excels more than Vietnam at the international level. And this thanks to its technological capacity and its diversified skills. The only downside of the Vietnamese market comes from its inability to meet all the needs of the international market, especially those requiring a technological touch.

 

Manufacture-Vietnam1

Docshipper alert : Beware of scammers or people who are not experts in the field of manufacturing. Instead, give preference to manufacturers who have already proven themselves internationally in order to avoid wasting time. Need advice or contact with a manufacturer in Vietnam. Our experts are available online.

Relatively affordable logistics costs

Vietnam has an advantage on its geographical border position with China, which is known for its marketing activities. This advantage facilitates your imports from Vietnam. In addition, the RCEP (Regional Comprehensive Economic Partnership) agreement removing many barriers and reducing tariffs, the cost of supply remains relatively affordable.

Weak infrastructure and bureaucracy

Areas such as infrastructure and bureaucracy present disadvantages for the expansion of manufacturing industry and general business development. Because most of the infrastructures are out of step with international standards. In addition, the administrative tasks remain complex, even cumbersome. Although small advances are observed, these points are an integral part of your decision. Because they risk impacting your deadlines, or even your entire supply chain.

Conclusion

Vietnam is quickly becoming a new manufacturing hub in the world, offering quality resources and labor at incredibly competitive prices to businesses looking to expand. With its young population, low labor costs and strategic location, Vietnam has become a major player in the global economy.

Manufacturing in Vietnam can be a great opportunity for businesses to reduce costs while increasing production and product quality. Many large-scale multinational companies are now setting up factories in Vietnam, taking advantage of the country’s low corporate tax rates, easy access to global markets, and growing consumer base. Additionally, the Vietnamese government provides incentives for businesses to invest and produce in the country.

 

Adivce FNM :We help you with the entire sourcing process so don’t hesitate to contact us if you have any questions !

  • Having trouble finding the appropriate product? Enjoy our sourcing services, we directly find the right suppliers for you!
  • You don’t trust your supplier? Ask our experts to do quality control to guarantee the condition of your goods!
  • Do you need help with the logistics? Our international freight department supports you with door to door services!
  • You don’t want to handle distribution? Our 3PL department will handle the storage, order fulfillment, and last-mile delivery!
 

DocShipper | Your dedicated freight forwarder in Vietnam !

 

Due to our attractive pricing, many customers trust our services and we thanks them. Stop overpaying the services and save money with our tailored package matching will all type of shipment, from small volume to full container, let us find the best and cost-effective solution.

Communication is important, which is why we strive to discuss in the most suitable way for you!

Most Interesting Countries to Find a Supplier

Most Interesting Countries to Find a Supplier

The terms "suppliers" and "manufacturers" are almost interchangeable. A supplier is someone who can provide you with products and inventory. Manufacturers, wholesalers, and distributors are all included in this category. 

You must determine the type of supplier you require just like an expert essay writer searching for the most effective topics to compose a masterpiece. Your job is to find out the best ones and we are here to help you with it.

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8 Ways to Make Sure Your Transport Shipping is Effective and Cost-Efficient

8 Ways to Make Sure Your Transport Shipping is Effective & Cost-Efficient

With the COVID-19 pandemic, 50 percent of consumers are uncomfortable purchasing in stores and have switched to online. And it has caused long-term behavioral changes as a result of this transition.

Shipping is one of the challenges that comes with increasing online sales. It's normal for a business owner to get concerned about the procedure of shipment and delivery. Although you pick and pack your product yourself, you're still dependent on a shipping company to deliver an item on schedule and in good shape.

It's important to be able to deliver fast and effective shipping to attract and retain clients. This, however, can cause strain on your overall budget. So, the million-dollar question is how can you meet your consumers' expectations while remaining under budget? This blog entails eight shipping recommendations to teach you how to save money on shipping for your company.

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