Preferential Treatment for IT, Digital, and Semiconductor Industries under Vietnam's New Customs Law

Strategic Insights -

The newly issued Customs Law in Vietnam will grant preferential treatment to certain enterprises in the IT, digital, and semiconductor industries. Specifically, companies in the high-tech sector, implementing strategic technology projects, and producing key digital technology products, among others, will be eligible for this treatment. This move aims to facilitate businesses in these industries and create breakthrough policies to remove legal bottlenecks.

Key Takeaways:

  • The Customs Law will ease requirements for applying preferential treatment to specific enterprises in the IT, digital, and semiconductor industries.
  • These enterprises do not need to meet requirements on turnover and compliance with customs and tax laws for two consecutive years.
  • Qualified enterprises will be listed by the Ministry of Science and Technology.
  • The incentives will be applied to exported and imported goods related to the semiconductor industry, high technology, strategic technology, and key digital technology sectors.
  • The list of eligible companies will have commodity codes consistent with the list of Vietnamese export and import goods.
  • The incentive is aimed at facilitating enterprises operating in science and technology development, innovation, and transformation.
  • The change aligns the Customs Law with the Law on Digital Technology Industry and the Law on Science, Technology, and Innovation.

Statistics:

  • The new Customs Law will provide preferential treatment to enterprises in the high-tech sector, implementing strategic technology projects, and producing key digital technology products.
  • These enterprises will have reduced requirements on turnover and compliance with customs and tax laws for two consecutive years.
  • The Ministry of Science and Technology will list qualified enterprises for preferential treatment.
  • The incentives will be applied to exported and imported goods worth _______________ (amount not specified in the text).

Sources:

  • Customs Law (no specific date mentioned)
  • Law on Digital Technology Industry
  • Law on Science, Technology, and Innovation