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) The “Moringa Noodles Salad” product by Sa Giang Import-Export Corporation was honored as one of the “Top 10 Winning Products” at the THAIFEX – Anuga taste Innovation Show 2026, held as part of THAIFEX – Anuga Asia 2026 in Bangkok.
(seafood.vasep.com.vn) After a fairly strong upward trend in 2025, Vietnam’s clam exports entered 2026 with a mixed picture: strong growth at the beginning of the year, followed by a slowdown from March onward. According to Vietnam Customs data, Vietnam’s clam export turnover in the first four months of 2026 reached more than USD 38 million, up 2% compared to the same period in 2025.
(seafood.vasep.com.vn) Vietnam’s pangasius industry is facing new opportunities to expand its development space as many localities and businesses begin promoting marine farming models aimed at diversifying farming areas and adapting to climate change. However, for pangasius to truly “go offshore” and develop into a large-scale industry segment, significant challenges related to technology, broodstock, and markets still need to be addressed.
(seafood.vasep.com.vn) Vietnam’s tilapia exports in April 2026 reached USD 11 million, up 92% compared to the same period in 2025. This strong growth indicates that Vietnamese tilapia products are continuing to penetrate and expand rapidly in international markets. Cumulative export turnover in the first four months of 2026 reached USD 49 million, up 151% year-on-year.
(seafood.vasep.com) At VietShrimp Asia 2026, disease management trends in shrimp farming are shifting strongly from treatment-based approaches toward proactive prevention through environmental and pond ecosystem control.
(vasep.com.vn) After a period of strong growth, with export turnover reaching USD 38 million in Q1/2026 — up 174% year-on-year — the sector’s rapid expansion clearly reflects growing market opportunities.
(vasep.com.vn) In the first quarter of 2026, Vietnam’s pangasius exports to the ASEAN bloc reached USD 44 million, up 7% compared to the same period in 2025. After falling to the lowest level of the quarter at USD 9 million in February — reflecting the seasonal slowdown in orders after the festive period — exports recovered strongly to USD 18 million in March, the highest monthly value of the quarter. This development shows that import demand for pangasius in ASEAN remains relatively stable despite short-term fluctuations.
(seafood.vasep.com.vn) On May 11, 2026, the US National Oceanic and Atmospheric Administration (NOAA) announced a positive comparability finding for Vietnam’s swimming crab fisheries, along with those of Indonesia and Sri Lanka, under the Marine Mammal Protection Act (MMPA). With this decision, seafood and seafood products harvested from Vietnam’s swimming crab fisheries will continue to be eligible for import into the US market.
(seafood.vasep.com.vn) After a slowdown in 2025, Vietnam’s tuna exports to Germany showed more positive signs in the first quarter of 2026. However, the recovery remains uncertain as consumer demand in Germany is still cautious, while market competition is increasingly driven by pricing and supply stability.
(seafood.vasep.com.vn) After a sharp decline in 2025, Vietnam’s tuna exports to Israel are showing positive signs of recovery in the early months of 2026. According to Vietnam Customs data, export turnover to this market grew steadily month by month in Q1/2026, reaching nearly USD 10 million, up 33% compared to the same period in 2025. However, compared to Q1/2024, this level remains significantly lower, indicating that the recovery is still in its early stage following last year’s strong adjustment.
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
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