Border residents entitled to import tariff exemptions hinh anh 1Boats carry traded goods on the Ka Long River in Mong Cai township of Quang Ninh province, which borders China (Photo: VNA)

Border residents will be given exemptions from import tariffs and other taxes when buying, selling and exchanging goods valued at the maximum of 2 million VND (89.64 USD) per capita a day for four days a month.

Under the Prime Minister’s recent decision on the management of cross-border trading activities with Vietnam’s bordering countries, those entitled to the exemption include Vietnamese nationals, those from neighbouring countries with regular residences at border areas, and those permitted to reside in border areas by the police agencies of bordering provinces.

The goods must be included in the list of permitted commodities bought, sold and exchanged by border residents issued by the Ministry of Industry and Trade.

Goods with values that exceed the stipulated level will be subject to taxes in accordance with existing legal regulations.

The decision also states that Vietnamese traders who do not have foreign-invested capital are allowed to trade across borders.

Meanwhile, foreign-invested traders, companies and subsidiaries of foreign businesses in Vietnam are allowed to buy and sell goods across borders under the circumstances specified in Vietnamese laws or international treaties where Vietnam is a member.

Traders who buy and sell goods across borders must fulfil tax obligations and are entitled to incentives in line with existing legal regulations and international treaties, the decision added.

Vietnam shares land borders with China, Laos and Cambodia.-VNA