IJV is a cash-and-carry show. International jewelers are allowed to sell their exhibits on show floor (paid in US$ or Vietnamese Dong). Customs duties, taxes and VAT are only applied on sold items that will be settled with the customs officers on the last day of exhibition through the official forwarder and broker. Starting from January 2011, the Import & sales VAT + corp. income tax has been reduced to 12% while ACFTA¡¦s duty in some jewelry items has been decreased from 20% to 15%.
LIST OF IMPORT DUTY AND IMPORT VAT RATES (SUBJECT TO CHANGE IN CUSTOMS REGULATIONS)
| CODE |
DESCRIPTION |
Import and
Sales
VAT + Corp.
Income Tax |
PREFERENTIAL DUTY (%) |
| MFN | CEPT | ACFTA | AKFTA | VJEPA |
| 7101 |
Natural Loose Pearls and Natural Temporarily Strung Pearls |
12% | 30 | 5 | 15 | 20 | 24 |
| 7102.39 |
Loose Polished Diamonds |
0 | 0 | 1 | 1 | 0 |
| 7103 |
Loose Precious Stones |
0 | 0 | 1 | 1 | 0 |
| 7113.11 |
Silver jewelry |
30 | 5 | 15 | 20 | 24 |
| 7113.19 |
Gold jewelry |
25 | 5 | 15 | 20 | 22 |
| 7116 |
Articles of natural or cultured pearls, precious or semi-precious stones |
30 | 5 | 15 | 20 | 24 |
| |
Watches |
20 | 5 | 15 | 20 | 22 |
| |
Clocks |
25 | 5 | 15 | 20 | 22 |
MFN: for MFN (Most Favoured Nation) list of countries
CEPT: for ASEAN countries (9 countries), Form D is required.
ACFTA: under Commercial Agreement between ASEAN-CHINA, Form E is required.
AKFTA: under Commercial Agreement between ASEAN-KOREA, Form AK is required.
VJEPA: under Vietnam-Japan Economic Partnership Agreement, Form VJ is required.
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