x Your business is new to the import-export field and still confused about the concept of import-export trust?
x Do you want to know what regulations are involved in the form of import and export entrustment?
x You need to grasp the process of entrusted export and entrusted import, including how many steps? Why must import-export entrustment be implemented?
Next, at PROSHIP.VN will synthesize relevant knowledge to clarify issues such as What is an Export Trust? What is an import trust? What are the main regulations of entrusted import and entrusted export?,...so that businesses can clearly understand.
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What is an import-export mandate? Why is it necessary to import and export entrusted?
What is an import-export mandate?
What is export entrustment, what is import? A form of service in which the goods owner (the entrusting party) hires an intermediary unit with import-export business functions (the entrusting party) to conduct part or all of the process on its behalf. Import and export goods with foreign partners.
Import and export entrustment is divided into 2 main types:
- What is an import trust? The entrusting party asks the entrusted party to negotiate and sign a sales contract with the foreign exporter, and carry out procedures to import the shipment to Vietnam and deliver it back to the entrusting party.
- What is entrusted export? The entrusting party signs an entrustment contract for the entrusted party to carry out procedures to export its shipment to foreign markets according to the contract signed with the foreign customer.
Why must import and export be entrusted?
Choose entrusted import and export, IF:
- Newly established businesses are not knowledgeable about the field of import and export, and have no experience in international trade;
- Enterprises are businesses that do not have business registration regarding the goods to be imported;
- These are units without legal status that cannot carry out the import and export of goods on their own.
Main regulations in import-export trust that you need to know
Many questions arise about what are the regulations for entrusted import and what are the regulations for entrusted export. Proship would like to answer as follows:
Legality of import and export trust
If an individual or organization established in the country entrusts the implementation of goods import procedures to another organization, the entrusting organization must meet the regulations on customs declarants as prescribed in Article 5 of the Decree. 08/2015/ND-CP dated January 21, 2015, amending and supplementing Clause 3, Article 1 of Decree No. 59/2018/ND-CP dated April 20, 2018 of the Government.
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Customs procedures comply with the provisions of Circular 38/2015/TT-BTC dated March 25, 2015 and Circular 39/2018/TT-BTC dated April 20, 2018 of the Ministry of Finance.
Basic principles in import and export entrustment
What are the basic principles of import consignment and export consignment? To ensure that import-export entrustment activities take place legally and smoothly, both entrustment businesses and businesses providing import-export entrustment services need to ENSURE:
- Always inspect the products carefully; It is necessary to carefully consider whether the imported/exported product is a prohibited import/export product, etc.;
- When there is a set of goods documents, the entrusted party is responsible for implementing current import customs procedures;
- What are the necessary documents and procedures to apply for a license to export/import goods?;
- Sign an import shipment agreement;
- Check the capacity and familiarity of the receiving company with entrusted imports.
Responsibilities of the parties in the Import-Export Entrustment Contract
What responsibilities do the entrusting parties and the entrusted party have in an import-export entrustment contract?
Responsibilities of the entrusting party
- Provide information about product type, model, technical specifications, etc. for entrusted recipients to place orders;
- Transfer money for the consignee to pay the seller;
- Coordinate receipt of goods (such as inspecting goods at the port with the entrusting person);
- Coordinate with entrusted recipients to negotiate contracts with foreign partners;
- Payment of trust service fees.
Responsibilities of the entrusted party
- Negotiate and sign foreign trade contracts with foreign sellers;
- Payment to foreign sellers;
- Carry out necessary procedures to export and import goods;
- Declare and pay taxes: export tax, import tax, VAT,... for exported and imported goods;
- Export and return the imported goods to the entruster, along with the VAT invoice for the imported goods (in addition to the VAT invoice for the import entrustment service fee);
- Maintain import and export documents: contracts, commercial invoices, packing slips, etc.
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What is the import and export authorization process like?
Businesses can choose either or combine both at the same time according to the following process:
Export entrustment process
The export authorization process includes 5 steps:
- Step 1: The entrusting party provides a list of goods to be exported to the entrusting party. The purpose is to check the item is suitable for shipping.
- Step 2: The entrusting party chooses the form of export, then signs a contract with the entrusted party.
- Step 3: The entrusting party provides relevant documents and vouchers to the entrusting party.
- Step 4: The entrusting party prepares documents (including invoice, packing list, C/O), packages goods and carries out customs procedures.
- Step 5: After the goods are cleared through customs, the entrusting party shall pay the shipping costs to the entrusting party as agreed in the contract.
Import authorization process
The import authorization process also includes 5 steps:
- Step 1: The entrusting party drafts an official dispatch requesting the entrusted party to import the goods as requested, and attaches documents related to the model and specifications of the imported goods.
- Step 2: The entrusted party places an order with the foreign partner. At this time, the partner sends a notice of agreement, along with a list of models and a detailed price list of the product.
- Step 3: The entrusted party is responsible for notifying the entrusting party. If the entrusting Party agrees, the entrusting party will proceed to draft the contract. After that, the two sides discussed the conditions and finally signed an import entrustment contract.
- Step 4: The entrusted party replaces the entrusting party to sign the contract with the foreign partner. Next is to prepare relevant documents and records for the import process.
- Step 5: The entrusting party carries out customs clearance procedures for imported goods, including detailed customs declaration of goods, invoices and packing slips; Conduct plant testing and quarantine, pay taxes to customs authorities. Finally, transport the goods to the storage warehouse and contact the Entrusting Party to receive them.
the concept of import-export entrustment , what regulations are there related to import-export entrustment, etc. has been updated by Proship. If you have any questions regarding what is entrusted import, what is entrusted export or need to hire a cheap, full package entrusted import-export service, contact us immediately at 0909 344 247 .
