Bonded warehouses play a pivotal role in the efficient transfer of imported and exported products, contributing significantly to the international trade landscape. In Vietnam, the growth of bonded warehouses has been remarkable, underscoring their crucial position in the country’s logistics sector. According to recent statistics, the utilization of bonded warehouses has seen a steady rise, reflecting the increasing importance of these facilities in streamlining cross-border trade.
In this article, we delve into the essential rules governing the entry of products into bonded warehouses in Vietnam, shedding light on the regulatory framework. As businesses navigate the complexities of international trade, understanding these rules becomes paramount. Savills, with its expertise in the industrial real estate market, is here to guide you through these intricacies and illuminate the significance of bonded warehouses in facilitating seamless global trade operations.
Why Vietnam for Bonded Warehouse Solutions?
Vietnam has emerged as a strategic hub for businesses seeking efficient and cost-effective bonded warehouse solutions. Several unique advantages and favorable conditions in the country’s logistics landscape make it an attractive choice for international trade operations. Here’s why businesses should consider Vietnam:
Strategic Geographical Location
Vietnam’s strategic position in Southeast Asia makes it a gateway for trade between the Asia-Pacific region and the rest of the world.
Proximity to key markets facilitates faster transportation of goods, reducing lead times, and enhancing supply chain efficiency.
Robust Economic Growth:
Vietnam has sustained impressive economic growth, fostering a dynamic business environment. A growing economy translates to increased trade volumes, offering businesses ample opportunities for expansion.
Trade Agreements and Partnerships:
Vietnam actively engages in numerous international trade agreements, providing businesses with preferential access to global markets.
Agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA) bolster the country’s appeal for businesses involved in cross-border trade.
The Vietnamese government has implemented investor-friendly policies, attracting foreign direct investment (FDI) in the logistics sector.
Businesses benefit from a supportive regulatory environment and incentives for establishing and operating bonded warehouses.
Ongoing infrastructure developments, including modern ports, highways, and transportation networks, enhance the overall logistics infrastructure.
Well-developed infrastructure ensures smooth and efficient movement of goods, reducing transit times and operational costs.
Vietnam offers competitive operational costs, making it an economically viable location for businesses looking to optimize expenses.
Cost-effective operations, combined with a skilled workforce, contribute to the overall competitiveness of Vietnam as a logistics hub.
Dynamic Business Culture:
The dynamic and entrepreneurial business culture in Vietnam fosters innovation and adaptability. Businesses operating in the country benefit from a proactive and responsive ecosystem that aligns with the evolving demands of the global market.
With Vietnam’s strategic location, economic vitality, favorable trade agreements, supportive policies, robust infrastructure, cost-effectiveness, and vibrant business culture make it an advantageous choice for businesses considering bonded warehouse solutions. The country’s commitment to facilitating international trade positions it as a key player in the global supply chain landscape.
A closer look at bonded warehouse in Vietnam
Bonded warehouses are regions of warehouses and storage yards for items that have passed through customs and are awaiting export. Goods brought from outside the country and exported or imported into Vietnam. To be separated from surrounding regions for temporary storage, preservation, or the provision of a variety of services for domestic and foreign items carried into warehouses under bonded warehouse lease contracts signed between bonded warehouse owners and shippers.
There are some notes about allowed and not allowed products to be imported to bonded warehouses.
The import and export of the following items to bonded warehouses will be permitted:
– Imported commodities are awaiting consumption in the Vietnamese market. Goods are in transit and storage in Vietnam as they await export to a third country.
– Goods have passed customs and are ready for export. When products temporarily expire, they must be re-exported. Competent governmental agencies force goods to be re-exported.
Furthermore, the following items will not be permitted to be imported into the bonded warehouse:
– Prohibited items, counterfeit items, or Vietnamese names.
– Goods that endanger the public or pollute the environment.
– The export and import of goods are prohibited, except in instances authorized by the Prime Minister.
For items imported from non-tariff zones, whether from overseas or from within the country. When bringing them into bonded warehouses, the product owners or persons authorized by the goods owners must follow bonded warehouse procedures at the Customs Sub-Departments operating bonded warehouses.
When items are exported to overseas nations or imported into non-tariff zones, the goods owner or a person authorized by the goods owner must then reveal the status of the bonded warehouse products to the Customs Sub-Department in charge of the bonded warehouse.
Why use a bonded warehouse in Vietnam?
Your company might save up to 30% on corporate tax on average.
This is achievable because you will not have to pay import duties until your merchandise leaves our warehouse. If goods are not sold, they will be returned to you and you will not be charged any duty.
Bonded warehouses are prepared to keep a wide range of products for as long as required while retaining quality. Many bonded warehouses, for example, have dry containers, deep-freeze systems, temperature monitoring equipment, and high volume storage facilities.
Most bonded warehouses will hold your products for up to five years or longer. This can be advantageous if work is needed to meet import license requirements or if demand is lower than predicted. You can hold your items in a bonded warehouse until you meet the standards or demand increases.
Improve service for your customers
You can order items ahead of anticipated demand by utilizing bonded warehouses. Because goods are housed closer to the customer, you can deliver them faster and provide a better overall experience.
Read more: Large Warehouse Southeast Asia are Crucial for Long-term Development
The reason why you should choose bonded warehouse services at Savills
Savills has several advantages in becoming the premier logistics firm in Vietnam and the area, with over 20 years of expertise. Savills is constantly committed to safety, quality, and efficiency when transporting, storing, and preserving goods.
Savills is not only an industrial property company but also a bonded warehouse solution provider, contributing to improving operational efficiency in the context of current complex needs. We are providing leading logistics services to a lot of companies that want to expand in the Vietnam market.
Savills has variable-bond warehouses in Vietnam.
– Total area: 145,000m²
– Vacant area: 85,750m²
– Price: Contact
– Key features:
+ Regular and bonded warehouses are available
+ Favorable location for trade logistics
+ The developer has 20 years of experience in operating logistics systems. It is one of the largest enterprises in Vietnam.
+ Synchronous infrastructure includes electricity, water supply and drainage, communication systems, fire protection, water and waste treatment, etc.
Apart from bonded warehouses in Vietnam, we also provide high-quality warehouses across Vietnam.
– Location: Long Bien, Hanoi
– Total area: 8,900 m2
– Vacant area: 4,400 m2
– Price: Contact
– Key features:
+ Access to the main road, easy to commute
+ High-quality facilities: fire prevention system; heat insulation roofing; reinforced concrete flooring; rolling doors etc.
+ Referable tax incentives
– Location: Hai An District, Hai Phong City
– Total area: 126,000 m2
– Vacant area: 70,388 m2
– Price: Contact
– Key features:
+ Nearby airports, seaports, and highways.
+ International-standards infrastructure system
+ Fully licensed, constructional, technical, and administrative services,…
+ Skilled workforce
– Location: Tu Son, Bac Ninh
– Total area: 278,000 m2
– Vacant area: 54,000 m2
– Price: Contact
– Key features:
+ Strategic location: Takes only 40 minutes to reach Ha Noi and 2 hours to reach Hai Phong’s port.
+ High-quality industrial production
+ Modern warehouse facilities: micrologistics warehouse management systems.
Read more: The Fees of Factory for Rent Ho Chi Minh City
Savills Industrials, which provides bonded warehouses in Vietnam, has risen to the top of the industrial real estate market. Savills Industrial remained dedicated to offering a dependable industrial property leasing service, ensuring that it met all of the industry’s standards for a reputable factory, such as an operable site, competent staff, and a corporate culture centered on long-term growth. Mr. John Campbell can help businesses find the ideal bonded warehouse in Vietnam if they are looking to hire a factory for manufacturing or commercial purposes.