The grace period is allowed under the Import and Export Tax Law for companies that import raw materials and accessories for production of goods for export.
The Ministry of Finance, however, has recently compiled a draft on the revised Tax Management Law that requires companies to pay tax before customs clearance, or provide a guarantee from a credit institution before they can secure the 275-day grace period.
Speaking at a seafood-industry conference held in HCM City yesterday, Nguyen Hoai Nam, deputy general secretary of the Viet Nam Association of Seafood Exporters and Producers (VASEP), said many industries that rely on imported materials, especially seafood, electronics, footwear, and textiles and garments, were surprised about the draft's content.
Most seafood companies have to import materials since local sources only meet 60-70 per cent of their production capacity.
Conference participants said that companies would encounter more financial difficulties and would have to scale down production if the changes to the grace period were approved.
They also pointed out that banks charged 2-3 per cent a year for guarantee fees, plus interest rates, pushing up production costs and product prices, affecting the competitiveness of Vietnamese goods.
Nam said Viet Nam imports about US$600 million worth of seafood materials each year. With an average tax of 20 per cent, seafood companies would have to pay a total of $120 million a year in taxes.
If the Finance Ministry's proposal is approved, importers would have to pay an additional cost of $3.36 million in bank-guarantee and interest rate fees, Nam said, adding that this was unreasonable.
VASEP sent a letter to the General Department of Customs under the ministry, asking that the proposal be shelved.
But the Customs Department rejected the request, saying that many exporters were taking advantage of the grace period to evade taxes.
The department said enterprises could use letters of credit for their future shipments as collateral.
"In the current economic downturn, seafood buyers do not want to use letters of credit," said Nguyen Xuan Nam, general director of Hai Vuong Co, Ltd.
Nam also complained about the complicated procedures for tax refunds, saying that it took much time and affected company's cash flow.
Nguyen Thi The Yen, director of Hai Long Nha Trang Company, said she was worried that her company would go out of business if the draft regulation is approved.
Under such tough economic times, the State should create more favourable conditions for enterprises to cut down expenses and boost exports, many conference participants said.
During the meeting, conference attendees asked the Government to eliminate import tax on seafood raw materials, which they said Thailand and other countries had done.
VASEP and companies in garments and textiles, electronics and footwear plan to send requests to the National Assembly and other agencies about this issue.
In the last five years, seafood material imports rose sharply, from $247.7 million in 2007 to $541 million last year, contributing $400-900 million a year to total export revenue.
(seafood.vasep.com.vn) With a focus on sustainable development, high-tech application, and climate change adaptation, An Giang Province aims to maintain its brackish water shrimp production in 2026 at a level equivalent to the previous year. Specifically, output is projected to reach over 155,510 tons, serving both domestic consumption and export processing, thereby sustaining the fisheries sector’s key role in the local economic structure.
(seafood.vasep.com.vn) In the Mekong Delta, key pangasius farming provinces such as An Giang, Dong Thap, and Can Tho are accelerating the transition toward a circular economy model, contributing to higher product value and reduced environmental impact. Instead of focusing solely on farming and processing, the pangasius value chain is increasingly utilizing by-products and waste streams to generate added value.
(vasep.com.vn) Vietnam’s scallop exports are entering a phase of impressive growth, as the global market undergoes significant restructuring. In 2025, scallop export value reached nearly USD 66 million, up 49% from USD 44 million in 2024. This upward momentum has continued and accelerated into early 2026, with exports totaling USD 18.1 million in the first two months alone—an increase of 166% year-on-year. This represents an exceptionally high growth rate, reflecting the rapid expansion of a relatively new product segment within Vietnam’s mollusk export portfolio.
(seafood.vasep.com.vn) – On March 19, at the Government Headquarters, Prime Minister Pham Minh Chinh held a meeting with the European Commission (EC) inspection delegation on combating illegal, unreported and unregulated (IUU) fishing, led by Mr. Fernando Andresen Guimaraes, Head of Unit at the Directorate-General for Maritime Affairs and Fisheries (DG MARE).
(vasep.com.vn) Australia is emerging as one of the most stable and promising growth markets for Vietnamese shrimp. Amid global trade disruptions driven by geopolitical tensions—particularly conflicts in the Middle East—strengthening and expanding into stable markets like Australia has become increasingly important for Vietnam’s shrimp industry.
(seafood.vasep.com.vn) In the first two months of 2026, Vietnam’s squid and octopus exports reached over USD 111 million, up 23% compared to the same period in 2025. This result indicates a positive start for the sector, reflecting early signs of demand recovery in multiple markets from the beginning of the year.
(seafood.vasep.com.vn) In the first two months of 2026, Vietnam’s fisheries sector maintained positive growth momentum, with shrimp output exceeding 132 thousand tons. This result contributed to a strong increase in seafood export turnover, despite ongoing volatility in the global economy.
(seafood.vasep.com.vn) Vietnam’s tilapia exports maintained strong growth momentum in February 2026, with many markets recording sharp increases compared to the same period last year. In February alone, export value reached USD 8.4 million, up 148% year-on-year. Cumulatively, in the first two months of 2026, total tilapia export turnover hit USD 23 million, soaring 242% compared to the same period in 2025.
(seafood.vasep.com.vn) In global seafood trade, sensory evaluation is increasingly becoming one of the key “technical barriers” in many importing markets-especially the United States. Issues such as filth, and signs of decomposition/spoilage are often detected through sensory evaluation methods and remain common reasons for seafood import alerts, detentions, or shipment rejections.
Shrimp has been the most important export product of Vietnam’s seafood industry for many years, typically accounting for 35–45% of the country’s total seafood export value. With a well-developed farming, processing, and export system, Vietnam has become one of the world’s leading shrimp exporters.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
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