Circular 05/2022/TT-BCT providing the Rules of Origin within the framework of the Regional Comprehensive Economic Partnership

CIRCULAR

Providing the Rules of Origin within the framework of the Regional Comprehensive Economic Partnership

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Pursuant to the Government’s Decree No. 98/2017/ND-CP dated August 18, 2017, defining the functions, tasks, powers and organizational structure of the Ministry of Industry and Trade;

Pursuant to the Government’s Decree No. 31/2018/ND-CP dated March 08, 2018, detailing the Law on Foreign Trade Management regarding goods origin;

In the implementation of the Regional Comprehensive Economic Partnership signed online on November 15, 2020;

At the proposal of the Director General of the Authority of Foreign Trade,

The Minister of Industry and Trade hereby promulgates the Circular providing the Rules of Origin within the framework of the Regional Comprehensive Economic Partnership.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular provides the Rules of Origin within the framework of the Regional Comprehensive Economic Partnership (hereinafter referred to as the RCEP).

Article 2. Subjects of application

This Circular applies to:

1. Authorities and organizations issuing certificates of origin (C/O).

2. Traders.

3. Authorities, organizations and individuals engaged in activities concerning origin of imports and exports.

Article 3. Interpretation of terms

In this Circular, the terms below are construed as follows:

1. Aquaculture means farming aquatic organisms including fish, mollusks, crustaceans, other aquatic invertebrates, and aquatic plants from seed stock such as eggs, fry, fingerlings, and larvae, by intervention in the rearing or growth process to enhance production such as regular stocking, feeding or protection from predators.

2. CIF means the value of the imported goods when they are shipped to the port or the border gate of the importing Party, including the insurance and freight charge.

3. Competent authority means the Government authority or organization assigned by one Party as notified to other Parties.

4. FOB is the value of the goods on board, including the cost of goods transportation (regardless of transportation means) to the port or the final place before the cargo ship leaves the port.

5. Fungible goods or materials means goods or materials that are interchangeable for commercial purposes and whose properties are essentially identical.

6. Generally accepted accounting principles mean those principles recognized by consensus or with substantial authoritative support in one Party with respect to the recording of revenues, expenses, costs, assets and liabilities; the disclosure of information; and the preparation of financial statements. These principles may encompass broad guidelines for general application, as well as detailed standards, practices and procedures.