IT and semiconductor firms to get import-export preferential treatment

The newly issued Customs Law will give preferential treatment in import and export to enterprises operating in IT, digital and semiconductor industries, according to a report from the Vietnam News Agency.

To facilitate businesses in these industries, the Customs Law will ease requirements for applying preferential treatment to the following specific enterprises: those in the high-tech sector or implementing strategic technology projects, producing key digital technology products, working to research, develop, design, manufacture, package or test semiconductor chip products, building artificial intelligence data centers or producing direct auxiliary products in the semiconductor industry.

Compared to the requirements for applying preferential treatment to normal enterprises, the above firms do not need to meet requirements on turnover and compliance with customs and tax laws for two consecutive years.

Qualified enterprises will be listed by the Ministry of Science and Technology (MoST).

For full transparency on preferential treatment, the Customs Law adds a provision that the incentives for the above companies are applied to exported and imported goods related to the semiconductor industry, high technology, strategic technology and key digital technology sectors according to the list announced by the MoST. This list has commodity codes consistent with the list of Vietnamese export and import goods.

The incentive is aimed at creating breakthrough policies to promptly remove legal bottlenecks and facilitate enterprises operating in science and technology development, innovation and digital transformation.