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Thursday, July 25, 2024

New rules simplify import procedure for used high-tech lines

By N. Tan

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HCMC – Hi-tech firms, projects applying high technology and projects entitled to special investment incentives pursuant to the Investment Law are subject to a simplified procedure for importing used technological lines.

The above entitlement is provided in Decision 28 of the Prime Minister, which revises Decision 18 relating to importing used machinery, equipment and technological lines.

The new decision, valid from March 1, 2023, supplements regulations on importing used technological lines for related enterprises and projects.

Under Decision 28, the time limit for enterprises to file inspection certificates to the customs department shall not exceed 12 months from the date of importing the first consignment of the technological line for storage purposes, instead of one month as stipulated in Decision 18.

Besides, Decision 28 allows enterprises to extend the inspection certificate submission in case the complicated technological lines require additional installation, operation and inspection time.

During the storage period, businesses can only operate the technological lines for inspection rather than manufacturing purposes.

If technological lines fail to meet the required standards, enterprises will be subject to an administrative penalty from the customs department and required to re-export those technological lines.

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