What are the procedures for importing of jewelry items and what taxes are duties are to be paid in the course of importing?
The Importer must work with the Vietnam Custom to get license for importation of jewelry items. Import Duty Rate generally is from 0-10%.
Can precious metals and unprocessed gems be exported from the country for processing and cutting and then brought back for selling them?
Under Vietnam Law, in order to export gold, the exporter must obtain the special license from Vietnam State Bank. Unprocessed gems are not prohibited from exportation.
It is correct that while importing the taxes are to be paid only based on the processing works. While exporting the precious metals there are no charges to be paid.
No. Several unprocessed precious metal and unprocessed gems can be applied the Import Duty Rate 10%. Also, exportation of gems and gold can be applied the export duty rate from 0-15%.
Are there countries from which the import of jewelry is forbidden?
Are there countries from which the import of jewelry involves lower duties then from other countries? What are these countries and what are the rates?
Jewelry imported from ASEAN Countries shall be entitled to Import Duty Rate from 0-5%.
Is there an established system for marking jewelry items?
If there is no established system for marking jewelry items, is there any other system for controlling the jewelry market on the part of the government?
State Bank shall control gold market and the Ministry of Industry and Trade shall manage market of other precious metals and gem.
What permissions does the company have to obtain for opening jewelry store?
Firstly, investor must obtain an Investment Certificate from the Provincial Competent Authority. Then, if investors wish to join the gold market, he/she must obtain the special license from State Bank. We also noted that, trading precious metal and gem in Vietnam is not committed on Vietnam WTO Accession. Thus, Vietnam Competent Authority does not obligated to open this market to the foreign investor.