Vietnam stops US-bound Chinese aluminum forging Vietnam origin worth US$4.3 billion

Currently, Vietnamese aluminum exported to the US is subject to 15% import tariff, while similar Chinese products are applicable to a tax rate of up to 374%.

TGeneral Department of Vietnam Customs (GDVC) has timely prevented US$4.3-billion Chinese aluminum forging Vietnam’s origins from being exported to the US, according to Nguyen Van Can, director general of GDVC. 


Nguyen Van Can, director general of Vietnam Customs.
The case could potentially be the largest origin fraud to date in terms of export value, said Can in a meeting on October 28. 

Can added an unnamed corporation, located in southern province of Ba Ria – Vung Tau, had imported 1.8 million tons of semi-aluminum products and aluminum bars for later export to the US and other countries, aiming to profit from unfair trade gains from preferential treatments. 

Currently, Vietnamese aluminum exported to the US is subject to 15% import tariff, while similar Chinese products are applicable to a tax rate of up to 374%, Can said. 

Such huge difference in import tariff has led to a growing number of enterprises in Ba Ria – Vung Tau importing foreign aluminum worth billions of US dollars, Can continued. 

Can also revealed the GDVC is working with the US customs to verify the case, as US agents from the Department of Homeland Security have arrived in Hanoi to cooperate in the investigation. 

Can stressed in case of companies importing aluminum bars or semi-aluminum products, then melt and form into different aluminum products, they are still not qualified for Vietnamese origin.

According to Can, the authority is stepping up efforts to prevent Vietnam from becoming a transshipment hub for foreign products. 

 

Recently, Vietnam’s customs authorities have intervened in a number of cases of importing foreign products forging Vietnamese origin. 

Can informed 10 containers of bicycles are being stopped at Binh Duong Custom Department. Preliminary results showed 100% of these products are imported from abroad, but later would be assembled in Vietnam for export. 

Additionally, Hai Phong Custom Department also held containers of equipment and parts imported from abroad and subject to assembling in Vietnam to become made-in-Vietnam. 

Similar cases involving clothes, footwear, phone accessories originated from China but labeled as Vietnamese goods for domestic use are being found in ports in Hai Phong, Ho Chi Minh City, Binh Duong, Dong Nai, among others. Hanoitimes

Hai Yen

Supply-demand imbalance, origin fraud puts pressure on steel manufacturing in Vietnam

Supply-demand imbalance, origin fraud puts pressure on steel manufacturing in Vietnam

The biggest difficulties facing Vietnam’s steel industry are trade remedies applied by importing countries and supply of materials.

Circular on “Made in Vietnam” products helps firms avoid fraud accusations

Circular on “Made in Vietnam” products helps firms avoid fraud accusations

A circular on "Made in Vietnam" products is expected to help businesses avoid accusations of fraud, said Deputy Minister of Industry and Trade Tran Quoc Khanh at a conference in Hanoi yesterday.  

 
 

Other News

.
Vietnam braces for economic effects of COVID-19
Vietnam braces for economic effects of COVID-19
BUSINESSicon  20/02/2020 

Vietnam will optimise external resources to spur national economy as the impact of the outbreak of coronavirus on foreign investment flows into the country is visible, according to the Ministry of Planning and Investment (MPI).

The sun still shines in Vietnam: World Bank
The sun still shines in Vietnam: World Bank
FEATUREicon  19/02/2020 

Saying that ‘the sun is still shining above the Vietnamese sky’, the World Bank has also noted that the country should not ignore risks that could occur during bad times.

Some service businesses are thriving amid Covid-19 crisis
Some service businesses are thriving amid Covid-19 crisis
BUSINESSicon  20/02/2020 

While many industries have suffered from Covid-19 epidemic, taxi drivers and shippers are earning more money.

Farm produce stuck at border, but farmers don't want to sell
Farm produce stuck at border, but farmers don't want to sell
BUSINESSicon  20/02/2020 

Thousands of trucks are still heading for the Vietnam-China border gates, though the exports are getting stuck because of the Covid-19 epidemic.

Mekong Delta considers VND67-trillion expy projects
Mekong Delta considers VND67-trillion expy projects
BUSINESSicon  20/02/2020 

The Mekong Delta is expected to introduce two more major expressways, whose total investment exceeds VND67.4 trillion, in the years to come to bolster the region’s socioeconomic growth, according to the Ministry of Transport.

Govt’s new decree removes barriers to automobile imports
Govt’s new decree removes barriers to automobile imports
BUSINESSicon  19/02/2020 

Automobile importers in Vietnam will no longer have to obtain a Vehicle Type Approval (VTA) certificate from authorities in exporting countries, making it easier for them to import cars into the country.

VN investment inflow below expectations after CPTPP
VN investment inflow below expectations after CPTPP
BUSINESSicon  19/02/2020 

A year since the CPTPP came into force, trade between Viet Nam and other members of the trade deal had posted significant gains, but the potential to expand remained large, according to the Ministry of Industry and Trade.

VN central bank makes net cash withdrawal amidst high inflation pressure
VN central bank makes net cash withdrawal amidst high inflation pressure
BUSINESSicon  19/02/2020 

The State Bank of Vietnam made a net cash withdrawal worth VND86 trillion out of the economy through open market operations (OMO) from January 20 to February 14.

Real estate businesses ask VN Government to remove difficulties
Real estate businesses ask VN Government to remove difficulties
BUSINESSicon  19/02/2020 

The Vietnam Real Estate Association (VNREA) will next month propose solutions to Prime Minister Nguyen Xuan Phuc to remove difficulties in administrative procedures, capital and cut loan interest for real estate businesses.

Farm produce prices slump as Covid-19 hits exports
Farm produce prices slump as Covid-19 hits exports
BUSINESSicon  19/02/2020 

The suspension of trade in seafood and agriculture products at some northern border gates with China as a measure against the novel coronavirus (Covid-19) has caused a demand-supply imbalance in the market.

PM tells sugar firms it's time to sink or swim
PM tells sugar firms it's time to sink or swim
BUSINESSicon  19/02/2020 

The sugar industry will have greater development opportunities if it can re-organise itself more effectively, Prime Minister Nguyen Xuan Phuc said at a meeting on Tuesday.

FDI in Vietnam expected to surge after the epidemic
FDI in Vietnam expected to surge after the epidemic
BUSINESSicon  19/02/2020 

 As a major foreign investment hub, China is hit hard by the new strain of coronavirus, now known as Covid-19, but this also provides an opportunity for other countries to accelerate efforts to attract new foreign investment.

Van Don approved to develop into entertainment hub with casino
Van Don approved to develop into entertainment hub with casino
BUSINESSicon  19/02/2020 

Prime Minister Nguyen Xuan Phuc has approved Van Don District in the northern province of Quang Ninh as a multisectoral sea economic zone and entertainment hub that will include a casino.

Covid-19 takes toll on small, large firms
Covid-19 takes toll on small, large firms
BUSINESSicon  19/02/2020 

The novel coronavirus, now officially named Covid-19, has dealt a blow to both small and large firms.

Coronavirus hits supply chains of U.S. firms in Vietnam: AmCham Survey
Coronavirus hits supply chains of U.S. firms in Vietnam: AmCham Survey
BUSINESSicon  19/02/2020 

A number of U.S.-invested firms in Vietnam suffering supply chain complications have deep concerns about the economic impact of the novel coronavirus, or Covid-19, a survey of American Chamber of Commerce (AmCham) members indicated.

Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry
Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry
BUSINESSicon  19/02/2020 

The State budget may face a shortfall of some VND42.3 trillion (US$1.8 billion) this year due to the ongoing spread of the novel coronavirus, or Covid-19, according to the Ministry of Planning and Investment.

Le Hoang Diep Thao no longer Trung Nguyen shareholder
Le Hoang Diep Thao no longer Trung Nguyen shareholder
BUSINESSicon  19/02/2020 

Dang Le Nguyen Vu, founding chairman and general director of Vietnamese coffee giant Trung Nguyen Group, has bought all the group shares held by his ex-wife, Le Hoang Diep Thao, so she is no longer a shareholder of the group.

Eight business fields to suffer most from Covid-19
Eight business fields to suffer most from Covid-19
BUSINESSicon  19/02/2020 

Three major scenarios for economic development in 2020 have been drawn up by Can Van Luc and researchers from BIDV.

For every VND100 that businesses have, they borrow VND65: FiinGroup
For every VND100 that businesses have, they borrow VND65: FiinGroup
BUSINESSicon  20/02/2020 

FiinGroup’s president Nguyen Quang Thuan said the ratio is calculated based on more than 1,000 listed enterprises.

How will exchange rate and interest rate be affected amid Covid-19 outbreak?
How will exchange rate and interest rate be affected amid Covid-19 outbreak?
BUSINESSicon  19/02/2020 

SSI Research says the financial market in 2020 will be unpredictable and much less active than the forecasts released at the end of 2019.

 
 
 
Leave your comment on an article

OR QUICK LOGIN