The Ministry of Industry and Trade has just issued Circular No. 04/2024/TT-BCT, amending and supplementing a number of articles of Circular No. 20/2014/TT-BCT. Circular No. 04/2024/TT-BCT takes effect from May 11, 2024.
Circular No. 04/2024/TT-BCT amends Article 4, ANNEX I (Rules of Origin) issued together with Circular No. 20/2014/TT-BCT to granting exporters/manufacturers the right to choose the formula for calculating Regional Value Content (RVC) in terms of direct or indirect calculation method for fixed use throughout a financial year and for post-audit verification.
Moreover, the Circular amends Clause 1, Article 5, APPENDIX V (Procedures for issuance and inspection of C/O) to legalizing the practice of choosing to issue electronic C/O (signed, stamped and issued electronically) or traditional C/O (signed, stamped and issued by hand).
According to the Import-Export Department (Ministry of Industry and Trade), the issuance of C/O in electronic form mentioned above has been applied by Korea and accepted by ASEAN Customs authorities since 2008 after the parties signed the AKFTA Agreement.
Plus, C/O in paper form must be printed out with a signature and seal in the form of hand issuance or with a signature and seal in the form of electronic issuance of the export member country's C/O issuing organizations.
Please check the details of the new Circular here: Circular 04/2024/TT-BCT (Vietnamese version)