Enterprises gaining 200 million USD or above in trade revenue are qualified to enjoy customs preferential treatment, according to a circular recently issued by the Ministry of Finance.

Vietnam Government Portal (VGP) said that Circular 86/2013/TT-BTC replaces the business preference policy since 2011 in which enterprises were required to have a minimum annual revenue of 350 million USD to receive preferential treatment.

The requirement is also relaxed for those exporting agro-aqua products, textile-garment, and leather-footwear and importing raw materials for production. To get priority, they must have at least 50 million USD in turnover, instead of 70 million USD as stipulated by the old rules.

Accordingly, eligible businesses are granted certificates that entitle them to priority customs clearance, such as a reduced customs clearance time and the right to go through the green gate.

In addition to the condition on import-export turnover, businesses must also satisfy the conditions on legal compliance, financial accounting and payment. However, all of them have been eased.

The time for evaluating legal compliance of a business is now 24 months from the date when the General Department of Customs receives its application for the preferential treatment, versus 36 months previously.

Under Circular 86, the process for verifying preferred business applications is simpler.

Enterprises only need to be approved by the General Department of Customs and local tax authorities, and no longer have to seek the nod from local departments of investment and planning, the authorities of industrial parks and economic zones, and local market monitoring agencies.

The Circular will take effect from August 11.-VNA