To fulfill international commitments in the Regional Comprehensive Economic Partnership (RCEP), Minister of Industry and Trade Nguyen Hong Dien has just signed and promulgated Circular 05/2022/TT-BCT stipulating rules of origin in the RCEP agreement.
Accordingly, Circular 05 stipulates the contents related to rules of goods origin, including goods considered originating, accumulating, simple processing, direct shipping, inspection mechanism and certificate of origin of goods, etc.
The content of these provisions in the rules of origin under the RCEP is not different from the ASEAN Trade in Goods Agreement (ATIGA) and a number of ASEAN+1 Agreements acceded to by Vietnam.
Vietnam’s goods exported to member states are considered for preferential tariff treatment under the RCEP when they are issued Certificates of Origin (C/O) in accordance with the provisions of the Decree.
Goods imported into Vietnam from member states are considered for preferential tariff treatment under the RCEP upon submission of C/O or self-certification of goods origin issued by the eligible exporter.
The Ministry of Industry and Trade has internalized the provisions on tax differences due to some countries in the RCEP bloc such as China, Korea, Japan, Indonesia, the Philippines, Thailand and Vietnam to apply different import tax rates for the same goods to partner countries.
The Circular 05 will take effect from April 4, 2022.
Source: VCN
Keywords: rules of goods origin, RCEP, rules, C/O
