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Designated by UKTI as a high-growth emerging market, Vietnam has one of the fastest-growing, most vibrant economies in Asia. With a population of over 90 million, over half of which are below the age of 30, this entrepreneurial nation is the 14th most populous in the world and thirdlargest in the South-East Asia region. Economic growth is strong; over the past ten years this has been second only to China and GDP has been doubling every ten years since 1986. Since joining the World Trade Organization (WTO) in 2007, Vietnam’s progress towards becoming a full market-orientated economy has accelerated and GDP growth in the four-year accession period averaged 6.5%. The UK is committed to strengthening its trade links with Vietnam, and along with a Joint Economic and Trade Committee (JETCO) established to overcome trade barriers between the two countries, trade and investment ties are also an important element of the Strategic Partnership Agreement signed in 2010. Bilateral trade increased over 26% in 2011 and is valued at around US$1.9 billion, with UK exports of goods and services to Vietnam reaching £520 million and registered UK investments exceeding £1.6 billion in 2011. A visit to the UK from the General Secretary of the Communist Party of Vietnam in January 2013 marked the 40th anniversary of diplomatic relations between the two countries and was a clear sign of the UK Government’s commitment to building stronger relationships with the world’s fastest-growing economies. British companies have been successful in a number of areas, including biotechnology, education, ICT, green business, finance and professional services and oil and gas. And the opportunities don’t stop there. Bordering China to the north and Laos and Cambodia to the west, Vietnam provides a gateway for British businesses looking for further expansion in the region.
Source: GOV.UK, UKTI
Country Facts Currency GDP Area Population Capital City Ethnic Groups Vietnamese dong (VND) US$138 billion 331,210 sq km 92.4 million Hanoi Kinh (Viet) 85.7%, Tay 1.9%, Thai 1.8%, Muong 1.5%, Khmer 1.5%, Mong 1.2%, Nung 1.1%, others 5.3% (1999 census) Vietnamese, English, French, Chinese, Khmer
Source: CIA World Factbook
Hai Phong Nam Dinh
Gateways Service Centres
Hue Da Nang
Bien Hoa Ho Chi Minh City
DHL Vietnam Fact Sheet
DUTY FREE ALLOWANCE: 1,000,000 DONG
Imports into Vietnam Exports from Vietnam
US$114.3 billion (2012 est.) Import commodities: Machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles. Top Import Origins: China, Germany, Singapore, Malaysia, Japan, Netherlands, Hong Kong, France and Thailand.
US$114.6 billion (2012 est.) Export commodities: Clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery Top Export Destinations: Russian Federation, Japan, UK, US, Germany, China, Hong Kong and France.
Source: DHL, CIA World Factbook
The UK is the third-largest EU investor in Vietnam The UK’s top five exports to Vietnam are: 1. Power-generating machinery and equipment 2. General industrial machinery and equipment 3. Medical and pharmaceutical products 4. Professional and scientific instruments 5. Miscellaneous manufacturing articles The UK’s top five imports from Vietnam are: 1. Footwear 2. Clothing accessories 3. Furniture, bedding and mattresses 4. Miscellaneous manufactured goods 5. Coffee, tea and cocoa
Source: UKTI’s Doing Business in Vietnam Guide
UK to Vietnam Transit Times The times provided for dutiable shipments are based on the time expected for customs in Vietnam to clear the shipment – this is dependent on the value of the shipment. Ha Noi Hue Nam Dinh Ho Chi Minh Da Nang Document: 2 days Document: 5 days Document: 3 days Document: 2 days Document: 3 days Dutiable Shipment: 3-5 days depending on value Dutiable Shipment: 6-8 days depending on value Dutiable Shipment: 4-6 days depending on value Dutiable Shipment: 3-5 days depending on value Dutiable Shipment: 4-6 days depending on value
Gateways into the country: 2 (SGN & HAN) DHL Delivery Zone: 8 Fleet: 114 vehicles
Number of Service Centres/Depots: 7
DHL Vietnam Fact Sheet
Duty Free Allowance
1,000,000 Dong based on CIF value (Cost, Insurance & Freight value). Shipments up to this value are exempt from duty, but VAT and Special Sales Tax may still apply.
Essential Customs Information
Top Tip: Commercial Invoice must clearly state itemised products and value. The term of trade (the incoterm rule) must also be stated on the invoice. If an Incoterm rule isn’t stated then a local Freight charge will be applied to the shipment for tax and duty calculations.
The list below is in addition to DHL’s standard list of prohibited items. • • • • • • • • • • • Prohibited Items Antiques Asbestos Dangerous goods, hazardous or combustible materials Firearms, and parts of Furs Ivory Jewellery Pornography Precious metals & stones Used and secondhand items, especially technology appliances/components/parts • Publications (including diaries, calendars, maps) that reference ‘South China Sea’ will be destroyed by Customs
For more information If you need support with your export documentation or advice on trade to/from Vietnam, help is available. Contact your local Chambers of Commerce office www.britishchambers.org.uk Your local UKTI is available to support with all aspects of international trade www.ukti.gov.uk DHL Customer Services is also available on 0844 248 0844 Visit www.dhlguide.co.uk for international trade information and to read our blog Follow us on Twitter @dhlexpressuk to keep up to date with all the latest developments in international trade
Valid from: 05/2013 | Version: 01