On 14/09/2018, the Government issued Circular No. 26/2018/TT-BCT amend and supplementing Appendix IV issued with Circular No. 20/2014/TT-BCT dated June 25, 2014 Regulations on the implementation of rules of origin in the ASEAN Free Trade Area Agreement. This Circular will come into force on October 29, 2108.
Accordingly, Circular No. 26/2018/TT-BCT has the following remarkable contents:
– “Special goods” to be re-imported in the form of a product that does not undergo any simple processing or processing in the territory of the re-importing Member for export shall be deemed to originate from the territory of the re-importing country, provided that:
• The total value of non-originating materials not exceeding 40% (percent) of the FOB value of the finished product shall be deemed to have the origin;
• The value of originating materials exported from a member country must account for at least 60% (%) of the total value of the raw materials used in the production of the finished product.
– The C/O issuer of the exporting country must clearly state on the special goods C/O;
– Korea assists the customs authorities of the importing Member State to conduct an inspection of goods in accordance with the law.
It can be seen that Circular No. 26/2018 / TT-BCT has contributed to clarifying some contents of the implementation of rules of origin in the ASEAN-Korea Free Trade Area Agreement, thereby facilitating It also helps to promote diplomatic relations in economic aspects as well as between Vietnam and other countries in the region.