Some 1.8 million certificates of origin issued in 2024

The Government News has quoted the Export and Import Department under the Ministry of Industry and Trade (MoIT) as reporting that Vietnam issued 1.8 million certificates of origin (COs) for $100 billion worth of goods exported to the members of free trade agreements to which the country is a signatory.

As a result, last year saw an increase of 18% in the number of COs and 28% in export value compared to 2023.

These achievements have manifested that Vietnam is effectively leveraging the benefits from the FTAs, noted deputy head of the Export and Import Department Trinh Thi Thu Hien, as quoted by the Government News.

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

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

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

Expanding its FTA network underscores Vietnam'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, the Government News remarked.

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