Most of the genuine wristwatch products in Vietnam are now imported. Because there are only a handful of Made In Vietnam watch brands. And when importing watches, you definitely have to go through import procedures at the customs department. So how will this activity take place and what documents are required. Come with the tutorial Procedures for importing wristwatches in the post below!
Why are imported wristwatches so popular?
Some foreign watch brands are often imported to Vietnam such as: Casio, Seiko, Citizen, Rolex, Orient, etc. These products are very popular in Vietnam because they:
– Genuinely imported from abroad to Vietnam and has a guaranteed license.
- Genuine warranty from the manufacturer as well as the distributor.
– Imported products are often valued much higher in quality than domestic products.
Conditions for importing wristwatches
Documents regulating the implementation of procedures for importing wristwatches:
– Article 10, Law on Foreign Trade Management, Article 3, Circular 12/2018/TT-BCT. Regulations on the List of consumables, medical equipment and used vehicles banned from import under the HS code under the management of the Ministry of Industry and Trade. In which, there are regulations on used wristwatches which are banned from import.
– Article 6, Article 7, Article 8 of Decree 69/2018/ND-CP. Regulations that wristwatches are not on the list of goods under specialized management or require a license.
– Clause 4, Article 4 of Decree 69/2018/ND-CP. Here, if the enterprise imports a new, unused, 100% wristwatch, it only needs to carry out the procedures for importing wristwatches at the customs office.
HS code code for wristwatch
The HS code for wristwatches is specified at:
Chapter 91: Personal watches and other time clocks and parts thereof. Specifically:
– Class 9101: Wristwatches, pocket watches and other personal watches. Including chronographs, with precious metal or precious metal clad metal cases.
– Heading 9102: Wristwatches, pocket watches and other personal watches, including chronographs, other than those of heading 91.01.
However, businesses need to rely on the nature, characteristics and reality of goods to accurately determine the HS code for wristwatches.
Import tax on wristwatches
– Watches with HS code of 9101 are watches with mechanical display faces. And this type of goods is subject to preferential import tax of 15% and Value Added Tax of 10%.
– For wristwatches with HS code of 91011200. This is a wristwatch with an opto-electronic display with the usual import tax of 20% and VAT of 10%.
Due to the relatively high import tax on wristwatches, readers should ask the seller to provide C/O when making a contract. When having C/O, readers will enjoy the preferential import tax rate equal to 0% for some markets.
Procedures for importing wristwatches
A shipment of wristwatches to be legally imported into Vietnam must be filled with the following documents:
Certificate of conformity of goods
First of all, businesses need to make a certificate of conformity for imported wristwatches
– Application form for certification of conformity according to the form of the Department of Telecommunications - Ministry of Information and Communications.
– A copy of the business license of the enterprise applying for certification, and technical documents of the equipment.
– Results of specialized testing of equipment at designated measurement rooms of the Ministry of Information and Communications.
Apply for an import license – Procedures for importing wristwatches
Documents to apply for a license to import wristwatches are as follows:
- Customs declaration.
– Packing list: a declaration of what is bought and sold between the parties.
– Commercial invoice: the basic document of payment and drafted by the seller. In order to require the buyer to pay the amount of goods stated on the invoice. A commercial invoice clearly stating the characteristics of the goods, the unit price, the total value of the goods, and the delivery conditions.
– C/O if any: This form is quite important because it will decide the import tax rate of your watch shipment.
– Bill of lading: Contract of carriage between the two parties buying and selling.
– Packing list: A declaration of what is bought and sold between the parties.
- Other documents (if any).
Customs dossiers for import of wristwatches
To complete the procedures for importing wristwatches, enterprises need to prepare the documents included in the customs dossiers for customs clearance of the shipment. Consists of:
– Commercial contract
– Packing list
– Introduction paper, Catalog or product image.
Customs procedures for importing wristwatches
Step 1: Enterprises declare information in the customs declaration and make customs registration at the headquarters of the Customs Sub-department where the goods are being managed and stored.
Step 2: The customs department checks the enterprise's customs declaration.
– If the specified conditions are not met, the customs will not accept the declaration. They will give the reason to the customs declarant.
Step 3: If the dossier is complete, the customs will approve the customs declaration and issue a decision to clear the shipment of the enterprise.
At the same time, customs will also check documents related to the dossier submitted by the declarant to conduct physical inspection and decide on customs clearance of goods.
- Procedures for importing ensure milk from A - Z
- The most detailed procedure for importing electrical sockets
Why should you use Everlog's import and export procedures?
With many years of experience serving hundreds of thousands of customers, Everlog is confident to be the leading reputable import-export service provider in Ho Chi Minh City. In addition to providing services of carrying out procedures for importing wristwatches, there are hundreds of other types of goods. We have a team of highly qualified and experienced staff. And always update knowledge about customs procedures. Ensure to support businesses to handle when there is a problem in import and export activities.
In addition, our unit always regularly monitors the shipment situation. Help businesses grasp the progress without affecting the business.
With the motto that customers are the most sustainable value for Everlog's development. We are ready to support and advise with the most necessary information. Even if you are a first-time import-export business, you can rest assured that you will entrust the responsibility to us.
Best of all, Everlog offers an extremely competitive package price. Ensure customers are proactive and save maximum costs.
Everlog's package of customs clearance services
If the business is looking for a unit to help carry out procedures for importing wristwatches professionally. Then take a look at the customs clearance process carried out by Everlog below!
1. Quotation, information exchange
The two sides learn about each other's service needs and capabilities. This is the first step, setting the stage for initial understanding and trust. We will build a package customs service quote and send it to the customer. At the same time, we will negotiate to ensure the requirements of the customer and reasonable service costs.
2. Sign cooperation agreement through service contract
Can be used according to the sample file of Vinalogs, or according to the sample proposed by the customer. Of course, it is necessary to discuss specific terms, ensuring that the interests of both parties are met. Both for shippers and for us Everlog.
3. Preliminary consultation Procedures for importing wristwatches
All documentation of procedures, answers to questions, and reminders to note. When implementing cooperation, our consulting department will study the requirements and shipment information. From there, give preliminary instructions for customers to understand the work to be implemented. For example, the documents that need to be prepared, the points to note for the shipment to be cleared smoothly.
4. Review, edit and supplement documents
This step is very important. The preparation of a complete and correct set of customs documents will help the procedure go much more smoothly. All errors and omissions in the customs dossier will lead to undesirable consequences. Often causing delays, even incurring costs to fix.
5. Transmit the customs declaration, enclosed with the specialized inspection dossier (on time)
For goods subject to specialized inspection, Everlog will guide and prepare separate documents and procedures. Usually before opening the customs declaration. After that, it is time to transmit the declaration and prepare the necessary documents for the procedure.
6. Submission of documents and customs clearance of goods (on schedule)
Currently, most documents are transmitted electronically via software to the customs office. Except for important original documents that cannot be replaced. For example, Certificate of Origin. Once the documents are complete and correct, the customs officer will clear the shipment.
7. Complete customs service package
Our unit will make a list of costs and issue service invoices to customers.
Above is the information businesses need to know for their import and export activities to be smooth and fast. If there is a need to use the service, Procedures for importing wristwatches, contact Everlog via the hotline below!