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) Vietfish 2026, the Vietnam International Seafood Exhibition, will officially take place from 19–21 August 2026 in Ho Chi Minh City. As Vietnam’s largest annual seafood trade event, organized by the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietfish 2026 will once again bring together leading seafood companies, industry experts, and international partners from across the global seafood value chain.
(seafood.vasep.com.vn) Vietnam’s seafood exports reached USD 1.1 billion in July 2026, up 4.8% compared to the same period in 2025. Cumulative exports in the first seven months of the year totaled nearly USD 6.86 billion, an increase of 11.5% year-on-year. Exceeding the USD 1 billion mark in July further reinforces the prospect that Vietnam’s seafood exports could surpass USD 12 billion in 2026. However, the July figures also send a clear signal that the most favorable growth period may have passed: overall export growth slowed to just 4.8%, pangasius exports fell 6.1%, tuna exports were virtually flat, while exports to the EU, South Korea, and the Middle East all recorded double-digit declines.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition (Vietfish 2026), the seminar "Global Seafood Market and the Future Workforce: Trends, Opportunities, and Sustainable Development Pathways for Vietnam's Seafood Industry" will take place from 2:00 p.m. to 4:15 p.m. on August 19, 2026, at Convention Room B, Level 2, SECC, Ho Chi Minh City. This is the first of five specialized seminars at Vietfish 2026, focusing on key issues that are shaping the long-term development of Vietnam's seafood industry.
(seafood.vasep.com.vn) Vietnamese seafood exports recorded impressive growth, generating nearly 6 billion USD in revenue during the first six months of the year, up 13% compared with the same period last year.
(seafood.vasep.com.vn) Fishermen in Ha Tinh are gradually overcoming difficulties to maintain the efficiency of seafood exploitation. In the first six months of 2026, the entire province achieved a production of more than 23,000 tons of seafood, worth more than 1,200 billion VND.
(seafood.vasep.com.vn) June 2026 brought encouraging signs for Vietnam's tuna exports, with export value rising 20% year-on-year to nearly USD 72 million. However, this increase has yet to offset the prolonged slowdown seen in key markets such as the European Union (EU), where import demand remains weak. The outlook for the second half of the year is expected to become more challenging as freight rates continue to climb.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition (Vietfish 2026), the Vietnam Association of Seafood Exporters and Producers (VASEP), in collaboration with the Agency for Domestic Market Management and Development under the Ministry of Industry and Trade, will organize the Domestic Seafood Supply–Demand Matching Program on the morning of August 20, 2026, at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City. The program aims to foster direct business connections between Vietnamese seafood producers and processors and domestic distributors, retailers, and foodservice channels.
(seafood.vasep.com.vn) The Cooking Show will be one of the most engaging experiential highlights of Vietfish 2026. Taking place over three days, from August 19–21, 2026, at Hall B1, SECC, Ho Chi Minh City, the event will offer visitors a vibrant culinary space where Vietnamese seafood is showcased through its flavors, stories, and real-life culinary applications.
(seafood.vasep.com.vn) Vietnam's pangasius exports reached USD 205 million in June 2026, up 5% compared with the same month in 2025. Cumulative export value for the first six months of the year totaled USD 1.1 billion, an increase of 12% year-on-year. Growth was primarily driven by strong demand from China and CPTPP markets, while exports to the United States and Brazil continued to decline.
(seafood.vasep.com.vn) In the first six months of 2026, Ha Tinh province continued to implement comprehensive solutions to combat IUU fishing; strictly manage the fishing fleet, control fishing vessels entering and leaving ports, operate vessel tracking devices, trace the origin of seafood, and severely punish violations.
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
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Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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