Bonded warehouse: Things to know

Bonded warehouses are now an important element in the management and operation of domestic and foreign goods. Bonded warehouses play an important role in the import and export process, providing many services related to goods and customs. We will learn about the definition, functions, and services performed in bonded warehouses, as well as the advantages and disadvantages that shippers and businesses may encounter when using bonded warehouses. Let's explore in detail the importance of bonded warehouses in the article below.

1.What is a bonded warehouse?

A bonded warehouse is a warehouse area established on the territory of Vietnam. A bonded warehouse is a warehouse or storage area for goods that have gone through customs procedures and are sent to wait for export or goods brought in from abroad. sent to wait for export abroad or import into Vietnam.

Bonded warehouses have their own customs regime, goods from foreign countries sent to this warehouse are not considered imported into the home country. A clear distinction should be made between geographical territory and customs territory. A customs warehouse located in Quang Ninh is in the geographical territory of Vietnam, but the goods deposited in this warehouse have not yet entered Vietnam's customs territory, so import duties as well as other taxes and fees are not yet payable. other.

2. The role of bonded warehouses

2.1 Purpose of bonded warehouse

The main purpose of a bonded warehouse is to ensure that imported goods are strictly controlled, comply with customs regulations and do not enter the domestic market without going through tax procedures and operations. This helps ensure security and strict management of imported goods, while protecting the interests of domestic industry.

2.2 Management and control of goods in bonded warehouses

Bonded warehouses are managed and controlled by customs authorities. Processes and regulations are established to ensure that goods in bonded warehouses comply with import and export regulations, including inspection, registration, tracking and customs processing.

Customs is responsible for inspecting and verifying imported goods before they are accepted into the bonded warehouse. This includes checking the quantity, value and subject matter of the goods to ensure accuracy and compliance with customs regulations.

During storage, goods in bonded warehouses are tracked and monitored by customs authorities. This includes recording and updating information on quantity, type of goods and origin.

2.3 Functions of bonded warehouses

Bonded warehouses have many important functions in the import-export and logistics industry. As some main functions below:

+ Storage of goods: bonded warehouses provide safe and reliable storage space for imported goods before they are distributed into the domestic market or further exported.

+ Customs control: bonded warehouses help control imported goods and ensure compliance with customs regulations and processes. Inspection, verification and registration processes help ensure the accuracy and legality of goods.

+ Transportation management: bonded warehouses help ensure that goods are sent and received safely, on time, and in compliance with import and export regulations.

+ Enhance import and export activities: bonded warehouses create favorable conditions for import and export activities by reducing time and costs in implementing customs processes. Not having to pay import taxes immediately for goods in bonded warehouses helps enhance the competitiveness of businesses in the international market.

3. Services performed in bonded warehouses

When sending goods to a bonded warehouse, the owner will directly or entrust the warehouse owner to carry out customs procedures for the goods stored in the warehouse. Services performed at bonded warehouses include:

+ Classifying goods, preserving goods, packaging

+ Take samples of inspected, cleared and managed goods

+ Transfer of ownership of goods

+ Specialized bonded warehouses for storing gasoline, oil and chemicals are allowed to change types of goods when meeting national customs management requirements along with national professional management requirements.

4. Advantages and disadvantages

4.1 Advantages:

+ Allows shippers to import and store goods without the need for a consignee; Of course, there will be no import tax in Vietnam. Customers will only pay these costs when shipping and receiving goods

+ For imported goods that the owner does not want or are not qualified for (e.g. waiting for a license) to go through import procedures, putting them into a bonded warehouse will help release containers and reduce container storage costs.

+ Bonded warehouses help goods owners have the right to transfer ownership of goods, transfer goods to another bonded warehouse or to a tax-free area to sell without having to pay tax.

4.2 Difficulty:

+ Goods from abroad or from the domestic market, from the non-tariff zone brought into a bonded warehouse, the goods owner or authorized person must carry out procedures for entering the bonded warehouse and declare information about goods released from the warehouse at the Customs Branch. bonded warehouse management agency.

+ Goods transported from the import border gate to the bonded warehouse; Goods from the bonded warehouse to the export border gate, goods from the inland brought into the bonded warehouse and vice versa must go through customs procedures as for transported goods under customs supervision.

Above are some shares about bonded warehouses. If you have questions that need answering or need to transport import and export goods, please contact Macsco Logistics immediately with a team of many years of experience for the fastest and most accurate support.

For further information and questions, please contact:

MACSCO LOGISTICS LIMITED

Address: 64 Nguyen Dinh Chieu, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam

Phone: (84 28) 6270 6576

Email: anna@macsclogistics.com

Website: https://macscologistics.com