VIET NAM ISSUES 1.8 MILLION CERTIFICATES OF ORIGIN IN 2024

In 2024, Viet Nam issued 1.8 million certificates of origin (COs) for US$100 billion worth of goods exported to the members of free trade agreements to which Viet Nam is a signatory.

CO is an important document that allows exporters to enjoy certain tax incentives and/or other preferential treatment.

According to the Export and Import Department, under the Ministry of Industry and Trade (MoIT), last year saw an increase of 18 percent in the number of COs and a 28 percent increase in export value compared to 2023.

These achievements have manifested that the nation is effectively leveraging the benefits from the FTAs, noted deputy head of the Export and Import Department Trinh Thi Thu Hien.

Since January 1, 2024, Viet Nam has issued 13 e-CO models to reduce expenditures and time for both businesses and government agencies.

As of October 2024, Viet Nam has signed and implemented 17 FTAs involving 60 economies around the world and is negotiating two more.

Expanding its FTA network underscores Viet Nam's commitment to economic integration, offering substantial opportunities to deepen its role in global value chains, boost exports, drive GDP growth, and enhance institutional frameworks.

Viet Nam's total trade revenue reached US$786.29 billion in 2024, up 15.4 percent year-on-year, with a trade surplus of US$24.77 billion. The country's exports expanded by 14.3 percent to US$405.53 billion, while imports grew by 16.7 percent to US$380.76 billion.

Source: VCCI