Guidance – Trade with Vietnam from 1 January 2021
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DIT made us aware of some updates on the Vietnam FTA we would like to share with you.
MFN tariffs will apply until the end of February when the Vietnamese Government will have passed a Circular required to implement the tariff reductions.
Due to Vietnamese domestic processes, tariff preferences will be applied retrospectively for goods imported to Vietnam from the UK from 1 January 2021 for a period of time (expected until the end of February 2021). This is purely an operational issue related to Vietnam’s internal domestic processes. As the gov.uk page states, businesses will be able to claim back any additional tariffs paid in this temporary period from the Government of Vietnam.
Click here to view answered questions of all business who attended the ‘UKABC Roundtable on the UK-Vietnam Free Trade Agreement’ event on 16 December 2020.