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.
(vasep.com.vn) In the first quarter of 2026, Vietnam’s shrimp exports reached USD 1.069 billion, up 17.5% compared to the same period in 2025. This is a positive result amid an uneven global shrimp market recovery, intensifying competition among major suppliers, and continued volatility in the international trade environment. However, this growth does not reflect a broad-based recovery across the entire sector, but rather is driven mainly by strong performance in a few markets and specific product segments—most notably lobster exports to China.
(seafood.vasep.com.vn) Vietnam’s tuna exports continued to decline in March 2026. Cumulatively, in the first three months of the year, export value reached USD 208 million, down 4% compared to the same period in 2025. The export landscape shows clear divergence across markets: while the U.S. and EU remain challenging, markets such as Russia, the Middle East, Egypt, the Philippines, and Mexico have emerged as growth bright spots.
(seafood.vasep.com.vn) In Quang Ngai Province, shrimp farming costs are rising sharply due to लगातार increases in feed, fuel, and input material prices, while farm-gate shrimp prices are declining. This has significantly reduced farmers’ profit margins and increased production risks.
(seafood.vasep.com.vn) Vietnam’s tilapia exports are experiencing impressive growth, reflecting expanding global demand as well as the sector’s development potential. However, behind the strong growth figures lie limitations in production capacity and supply chains, highlighting the need for sustainable development in the coming period.
(seafood.vasep.com.vn) Vietnam’s pangasius exports to the Middle East in 2025 and early 2026 have shown notable growth. However, escalating geopolitical tensions in the region have increasingly impacted export activities since March. This situation presents a challenge of balancing market expansion opportunities with rising trade risks.
(seafood.vasep.com.vn) The Quang Tri Department of Agriculture and Environment has instructed localities to base their stocking schedules on actual conditions in each farming area, while developing plans, allocating resources, and implementing synchronized measures for disease prevention and disaster risk management in aquaculture production.
(seafood.vasep.com.vn) In the first two months of 2026, Vietnam’s exports of fish cakes and surimi exceeded USD 45 million, up 7% compared to the same period in 2025, indicating a positive outlook for this product segment amid recovering demand in many markets.
(seafood.vasep.com.vn) During the week from April 4th to 10th, 2026, Quang Ngai province intensified its monitoring and law enforcement activities with the determination to eliminate illegal, unreported, and unregulated (IUU) fishing practices.
(seafood.vasep.com.vn) Thanh Hoa’s shrimp sector is undergoing a strong transformation by accelerating the adoption of high technology, helping to improve productivity, increase profits, and meet market demands. The province currently has about 4,100 hectares of shrimp farming, with output continuing to rise despite stable farming area, mainly due to the shift from traditional methods to intensive and super-intensive farming.
(vasep.com.vn) Amid ongoing volatility in global seafood trade, Vietnam’s crab exports have made a fairly positive start to 2026. According to Vietnam Customs statistics, export turnover in the first two months of 2026 reached nearly USD 55 million, up 24% compared to the same period in 2025 and more than 2.2 times higher than in the same period of 2024. This indicates that crab exports are entering 2026 with stronger growth momentum, particularly in Asian markets.
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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