Why I have to identify HS codes for imports or exports ?

Why I have to identify HS codes for imports or exports ?

I am a foreign investor in a newly established trading company in Vietnam ?

DMS Law firm in Danang, Vietnam advise about what are the HS Codes ? Why I have to identify HS codes for imports or exports ? Where do I find the HS codes for my products ?

HS codes:

The Harmonized Commodity Description and Coding System generally referred to as "Harmonized System" or simply "HS" is developed by the World Customs Organization (WCO).

The Harmonized System is governed by "The International Convention on the Harmonized Commodity Description and Coding System".

Harmonized System (HS) Codes are commonly used throughout the export process for goods.

Classification of goods to identify HS codes

Classification of goods aims to identify HS codes to serve as a basis for tax calculation and implementation of the goods management policy. The classification of goods must be based on customs documents, technical documents and other information related to imported and exported goods for identification of goods’ names and HS codes according to the list of Vietnamese imports and exports.

The list of Vietnamese imports and exports consists of HS codes, names and descriptions of goods, units of calculation and attached explanations.

The list of Vietnamese imports and exports is made on the basis of full application of the International Convention on Harmonized Commodity Description and Coding System.

The Minister of Finance shall issue the list of Vietnamese imports and exports for uniform application nationwide (Article 26 Law on Customs No. 54/2014/QH13 dated 23 June 2014).

List of Vietnam’s imports, exports

Appendix I - The List of Vietnam's imports and exports is promulgated together with Circular No. 65/2017/TT-BTC dated 27 June 2017.

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DMS Law firm in Vietnam
Director
(Signed)
Lawyer Do Minh Son


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