Decree No. 66/2024/ND-CP introduces a detailed framework for the import and circulation of remanufactured goods, covering sectors under the purview of seven key ministries, including the Ministries of Information and Communications, Health, Transport, Industry and Trade, and Science and Technology.

These remanufactured goods must now meet a number of criteria, including certification of eligibility and compliance with origin rules established under the EVFTA and UKVFTA.

The decree also mandates clear labelling, requiring the phrase 'remanufactured goods' in Vietnamese ('Hàng hoá tân trang') on the original or auxiliary labels.

This transparency aligns with Việt Nam’s goals of fostering trust in international markets while ensuring consumer awareness.

Remanufactured goods will now adhere to the same rigorous standards as new imports.

Depending on the specific case, these laws cover areas such as import policies, product policies, taxation, customs procedures, labelling, business conditions, product quality, standards and technical regulations, energy efficiency, radiation safety, cybersecurity, measurement, environmental protection, intellectual property rights and other relevant regulations.

Importers of remanufactured goods also bear legal responsibility for the accuracy and truthfulness of the documents and materials submitted to the relevant authorities.

They must also cooperate and provide the required documents and materials to licensing bodies and related authorities during inspections of compliance with this decree.

By January 30 each year, importers of remanufactured goods must submit a written report to the licensing authority and the Ministry of Industry and Trade. The report can be delivered in person, via postal services, or online (if applicable) and should detail the importation of refurbished goods under the EVFTA and UKVFTA agreements for the preceding year.

Since their implementation, the UKVFTA and EVFTA have accelerated Việt Nam’s trade relations.

In 2023, the country’s trade volume with the EU reached US$72.3 billion, with a trade surplus of $34.3 billion. Similarly, exports to the UK grew by nearly 5 per cent, totalling $6.34 billion, even amid global economic challenges like inflation and supply chain disruptions.