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The Circular, which is scheduled to take effect on April 4, 2022, stipulates the Rules of Origin, including cases of originating goods, De Minimis, minimal operations and processes, direct consignment and operational certification procedures.
Accordingly, originating goods of Viet Nam exported to member countries of RCEP are considered for preferential tariff under the RCEP Agreement when a C/O is issued in accordance with the provisions of this Circular.
Originating goods imported into Viet Nam from member countries shall be considered for preferential tariff under the RCEP Agreement upon submission of C/O or self-certification of origin of goods issued by the approved exporter.
The Ministry of Industry and Trade internalized the provisions on tax differences because some countries in the RCEP such as China, the Republic of Korea, Japan, Indonesia, the Philippines, Thailand and Viet Nam apply different import tariff rates for the same product from the partner countries.
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement signed by the 10 member countries of ASEAN and five partner countries namely Japan, the Republic of Korea, China, Australia and New Zealand on November 15, 2020.
The RCEP Agreement came into force on January 1, 2022, creating the largest free trade area in the world, covering nearly one third of the population and about 30 percent of the global gross domestic product.
The RCEP is expected to create a space to connect production and trade throughout ASEAN and its partners, helping businesses enhance exchange within the region, making contributions to consolidating regional supply chains and recovering economy in the post-COVID-19 period.
