Regulations raises costs for rubber exporters

Rubber exporters are expected to incur higher costs under a new regulation that requires all exporters to present original value-added invoices to customs departments in the country.

The regulations was issued by the Ministry of Finance’s General Department of Customs.

Many of the rubber companies have complained about the new rule, saying that it would take at least three to five days to deliver the invoice from head offices to customs offices, according to Dinh Van Tien, head of the Vietnam Rubber Group’s Export-Import Department. With such a delay, companies would have to pay extra fees for storage, or to transporters waiting to load goods.

The Vietnam Rubber Group (VRG) said member companies whose head offices are in HCM City , central provinces and other areas could face rising costs if they had to send original invoices to customs offices located far away.

Last year, Vietnam exported 680,000 tonnes of rubber with a turnover of 1.2 billion USD.

Vietnam exports rubber to China over the border, accounting for 50 percent of total rubber exports.

The VRG exports rubber to 37 countries. Last year, its profit was 4,000 billion VND.

Tags: Vietnam rubber exports