Conditional release of shipments using customs bonds

To assist Vietnam with the decongestion of its ports, the Global Alliance for Trade Facilitation, working with both the government and the private sector, is implementing a modern system of conditional release of goods using customs bonds. As a result of this Project, Vietnam will become the first country in Asia to implement an all-encompassing customs bond system that covers risks from payment of duties and taxes to regulatory compliance, thus fully separating customs clearance from cargo release.

The Project will help Vietnam to meet its commitments under the World Trade Organization’s Trade Facilitation Agreement which requires countries to expedite the movement, release, and clearance of goods, namely:

  • Article 7.1 (Pre-Arrival Processing)
  • Article 7.3 (Separation of Release from Final Determination of Duties and Taxes)
  • Article 8 (Expedited Shipments)
  • Article 10.1 (Formalities and Documentation)
  • Article 10.9 (Temporary Admission of Goods and Inward and Outward Processing)
  • Article 11.6 (Freedom of Transit)