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IMPORT&EXPORT.
CHAPTER ONE INTRODUCTION I STATEMENT: Nowadays, Viet Nam become a developing country, we need, to cooperate, to business, to enlarge the relations between our country and all of the countries on the world It is a key to overcome the weakness and to reduce the gap between the developing countries and underdeveloped country This can help our country access to the commercial in the area and whole of the world When integrating into the market economy, Vietnam’s economy has been developing and one of the most important products is furniture With the exporting and importing furniture, Vinapoly Company has tried to manage the business to fit the new conditions and has got a large amount of best result when entering the world market in the future II PURPOSE: My recognition of the importance of import and export especial furniture in Vinapoly Company as well as combining the academic background and working in the fields of import and export in Vianapoly Company about two years and under the instruction of Ms Nguyen Thi Kim Chung, my report will focus on this factors III SOURCE: PAGE I read from Newspaper and magazine, internet, Use data from reports of former students and Company, and take some references from books and Websites of import – export procedures I am working Import and Export of Vinapoly Company PAGE CHAPTER TWO BACKGROUND COMPANY I ESTABLISHMENT: Vinapoly Co., Ltd was establishment September 18th, 1997 in Vietnam with factory area 15,800 m2, total employees 300 among 01 foreign persons Address: No.2, 10A Road, Bien Hoa Industrial Zone II, Dong nai Province, Vietnam II FUNCTION AND DUTY According over 10 years experience, Vinapoly Company has an important position in furniture field Nowadays, Majority of Enterprises is all kinds of furniture products :Bentwood chair and chair back top, Table top for office furniture … in addition, Our company has a team of the designers who have good experiences in designing and creating new sample of furniture It is also ready to apply for all customer’s demands with best service and high quality Vinapoly Company very concentrate on the strategy and long term development of furniture, so it must update the value of goods and product gain market all over the world, it is ready to cooperate with national country: India, Germany, Korea, Japan, Import – export goods PAGE ORGANIZATION CHART OF VINAPOLY COMPANY GENERAL DIRECTOR ADMINISTRATION DEPARTMENT FINANCE & ACCOUNTING DEPARTMENT TECHNICAL - BUSINESS DEPARTMENT CHIEF ACCOUNTANT TECHNICAL DEPARTMENT SAFE GUARD CASHIER PLANNING DEPARTMENT DRIVER TEAM WAREHOUSE MANAGEMENT EXPORT-IMORT DEPARTMENT PERSONNEL DEPARTMENT PAGE VINAPOLY CO., LTD OPERATES WITH THE FOLLOWING FUNCTIONS: Customer’s required service Updating the value of goods Designing and creating new modern samples Receiving customer’s mail, fax, order Sending catalogues, quotation, samples, patterns Import and Export goods PAGE CHAPTER THREE BASIC KNOWLEDGE ABOUT IMPORT AND EXPORT I DEFINITION: Import and Export is an activity of selling or buying goods abroad which is based on a sale contracts between two parties Export process depends on the elements that will have some different For instance, in my company, there are two export methods: direct export and indirect export II FOR DIRECT EXPORT: Direct exporting occurs when a manufacturer or exporter sells directly to an importer or buyer located in a foreign market area Advantages: - Thorough knowledge of foreign markets The product can determine readily what adaptations of his product are necessary to fit the needs and desires of foreign buyers - A full return from export sales As export business develops, there is no sharing of profits with other organizations - Help the exporting company can make a control of sales promotion and marketing strategies Disadvantages: - A large initial monetary outlay is required to establish export markets - Large investment capitals PAGE - Own brand mark, trade mark, industrial designs are required - The business executive must be competence at marketing, foreign trade technique… III FOR INDIRECT EXPORT This is a kind of exporting methods that a company (called agents) which have right to export the goods will handle the exporting process for the company (merchants) which not have the right to export directly The basic distinction between the two is the merchant takes title to the products to be sold, while the agent does not The agent will receive a entrusting- commission This commission will be fluctuate between 0% and 1,5% Advantages: - Help small company have a chance to export their goods - The middleman is usually the person who can have a thorough knowledge of the law and the customs in foreign markets So the risks of the manufacturer will decrease - The middleman often has material facilities in foreign countries, the manufacturer can cut off the foreign-investment expenses Disadvantages: - The manufacturer can not get in touch with the market - The manufacturer must satisfy the demand of the middleman - The profits must be shared VI COMMERCIAL CONTRACT: PAGE International sale contract means an agreement that regulates the rights and obligations of parties with regard to the sale and purchases of the products A common international sale contract usually has 03 main parts: Part 1: name of the contract, contract number, date and place contract signed, name and address of 02 parties Part 2: the main articles of a contract Part 3: signature of the contract parties Main articles in a common international sale contract: ART1: Commodity Define the name of the commodities The name should be written with technical and commercial name, with name of manufacturer, with origin country and so on ART 2: Quality The commodities must be satisfied with the standard and quality which has been regulated by two parties The quality can be defined by samples, by describing in details, by standard of the exporter… ART 3: Quantity This article will define the quantity of the commodities, types of weight (gross weight or net weight)… ART 4: Shipment / delivery Regulate the time of shipment, place of shipment, mode of shipment, notification of delivery ART 5: Price PAGE Currency of price, methods of identify price, discount, terms of sale ART 6: Payment Make clear of currency of payment, time of payment, method of payment, documentary credit … ART 7: Packaging and marking Packaging: quality of the packaging, the methods of providing packaging, the price of the packaging Marking: specific marking and labeling are used on export to meet shipping regulations, to ensure proper handling and to help receiver identify shipments ART 8: Warranty Regulate the scope of warranty and the duration of warranty ART 9: Penalty In the event of late delivery, late payment … ART 10: Insurance This article will assign that the insurance will be covered by the seller or the buyer? Which conditions of Insurance? ART 11: Force majeure Force majeuce shall be understood to be unforeseeable, unavoidable and impossible to overcome Listing events are considered force majeuce such as war, riot, insurrections, strikes, lockout, government regulations, fire, explosion, flood, storm, earthquake and other abnormal natural event ART 12: Claim PAGE Claim means a suggestion is brought our by one party because of the discrepancy in quantity (damage/shortfall) or quality and other issues are not in conformity with contract In this article, two parties must negotiate about sequence of claim, claim period, liability of two parties for claim, required documents for claim ART 13: Arbitration Disputes between the parties can be resolved in one of two ways: by an amicable settlement between parties themselves, by arbitration If amicable settlement is not possible, most international contracts specify arbitration Arbitration article shall be stipulated: applicable law, place of arbitration, who shall bear arbitration costs? ART 14: Other terms and condition With the above-mentioned articles, we can not delete any article because of having many risks V THE METHODS OF PAYMENT In general, most of the international sale contracts use L/C as the most common methods of payment Although this is the most secure method of Payment, it also has its own disadvantages Therefore, the exporter has to be more careful and must cut the risks down at a minimum by follow the some tip below: Risk from the issuing bank: this bank can not afford the payment for the exporter Solution: PAGE 10 - Choosing the issuing bank which has prestige in payment - L/C should be confirmed by the third party (confirming bank) Risk due to not completing the L/C terms and conditions The main reasons are: late delivery, inappropriate quality and quantity goods… Solution: - Plan the schedule for the time of collecting the goods for export If the schedule can not meet the L/C’s requirement, the company should have an amendment - In case of transmission (allowed): the exporter must investigate the route and which one the shipping company can know thoroughly - In case of partial (allowed): the company should pay attention about such as : how many times and the exact time of each partial? … The risk of payment due to discrepant documents: Solution: - Arrange skillful employee in exporting documentary department - Choose the goodwill partners - Examine and investigate the L/C carefully - Negotiate with the importer from the negotiating stage about the documents that the exporter has to submit to the paying bank Besides L/C, the company should diversify the method of payments because this is a high-fee and complicated method So, the enterprise should change to CAD or T/T… if the partners are prestige or habitual ones PAGE 11 CHAPTER FOUR PROCESS OF CUSTOMS PROCEDURE FOR IMPORT AND EXPORT COMMODITY I.MAKING CUSTOM PROCEDURE: I have good chances to participate in carrying out customs procedures for importing and exporting goods, the customs declarers must submit and present a customs dossier at the headquarters of Customs Subbranch and be responsible for legality and lawfulness of customs dossiers and accurateness of declared contents on customs declaration form To customs procedures in Viet Nam, I would like to focus on two points: processing imports and exports a Processing imports: General procedures and requirements: Declaration, calculation, duty collection or notification tax, examination and release of goods Procedures for entry before clearance: After lodging the manifest to the customs offices as the check-point and accepted by customs, goods can be unloaded to the warehouse Import declaration: Goods imported are subject to customs declaration within 30 days from the of arrival at the check-point Documentary requirement: Import declaration form Import license (if any) PAGE 12 Commercial contract (02 original ) Commercial invoice (01 original & 01 Copy) Packing list (01 original & 01 Copy) Bill of lading (01 original or 01 Copy) Certificate of origin for goods requiring C/O (01 original) Other relevant documents Payment of duties and taxes: Duties and taxes can be collected at the customs check-point or through the bank Examination and release of goods: Imported goods will be released after duty collection and duty amount notification or duty collection and examination b Processing export: Time and place of loading of goods: Goods to be exported are allowed to be loaded at a specified port o r place for exportation Loading time should b e done during working hours by the customs office Export declaration: The export declaration form is the same as the import declaration form The validity period is 15 days from the date of its registration at the customs office Documentary requirements: export declaration form export license (if any) Commercial contract (01 Copy ) Commercial invoice (02 original ) Packing list (02 original ) PAGE 13 Certificate of origin for goods requiring C/O (01 original Form A/K) Other relevant documents Examination and release of goods: All goods for exportation must be examined by customs Customs can conduct on the spot examination or detailed examination depending on the characteristics of the goods One examination is completed, goods will be authorized to be loaded on the vessel II SHIPPING THE PRODUCT: If the goods are exported with the term C or term D, the buyer has the duty to rent the transportation There are 02 common kinds of transportation: a) Transportation by air: -Advantages : fast, flexible -Disadvantages: high transportation freight, so it is just suitable for small cargoes and high-value cargoes b) Transportation by sea: -Advantages: big capacity, be adaptable for many kinds of cargo, transport cost is lower than others -Disadvantages: depend on natural and marine conditions, bear risks such as wrecking, burning, colliding, missing … III INSURANCE: When exporting with CIF, CIP or D terms, the seller must buy insurance PAGE 14 a Conditions of Insurance: Institute Cargo Clause C – ICC (C) or Institute Cargo Clause FPA: Free Particular Average Institute Cargo Clause B - ICC (B) or Institute Cargo Clause WA : With Particular Average Institute Cargo Clause A – ICC (A) or Institute Cargo Clause AR: All Risks b)How to choose the Conditions of insurance? When the goods are exporting in CIP or CIF term, the seller has duty to buy the insurance conditions satisfied the terms & conditions has been agreed in the sale contract or in the L/C (if any) If the insurance conditions not make clear in the contract or L/C, the seller should choose FPA or ICC(C) condition If the goods are exporting in D term, the seller should consider carefully The exporter should choose the conditions which are safe for our goods and can get the maximum profits After delivery, the exporters submit the payment-documentary to the bank to get payment The payment-documentary needs to be exactly, suitable for the L/C (if any) or complied with the sale contract PAGE 15 CHAPTER FIVE CONCLUSION AND RECOMMENDATION I CONCLUSION Nowadays, world is really a widen market; most countries are incessantly to reinforce their commercial operation Furthermore, with the development and integration of the whole world, they want to promote their power Vietnam is trying to become a member of the World Trade Organization (WTO) In this background, our economy has a lot of positively changes step by step to join the world market Especially, the furniture product, and exporting industry are considered one of the main exporting force in Vietnam and has taken As a result, our country’s short-term target is enhancing the effective, turn-over field and long-term target is step by step impulse our country become one of the powerful furniture export countries in the future II RECOMMENDATION: Vinapoly Company is a foreign company and its activities are improving day by day; so, there are a lot of objective and subjective disadvantages Therefore, Vianpoly to enhance the furniture export to the Japan, Korea market By analyzing and assessing the furniture product import and export operations of Vinapoly company from 1997 to 2007, I hope that these factors which have been analyzed and some approaches will distribute to PAGE 16 the direction of development, policies, strategies of Vinapoly Company to promote its power, take full advantage of opportunities, overcome the disadvantages and reduce risks and boost the furniture product export of company in the future PAGE 17 REFERENCES Vinapoly Company’ document Ph.D Ñoan Thi Hong Van 2000 Syllabus of foreign trade technique Statistics Publishing House Vo Thanh Thu.November 2002 Business – Import and Export Website: www.incoterms2000.com 2.www.agriviet.org.vn 3.www.vinacas.com 4.http://www.aseansec.org/economic/customs/Info_vn.htm 5.http://www.encyclopedia.thefreedictionary.com/Negotiation APPENDIX PAGE 18 Commercial Contract Commercial Invoice Packing list Certificate of Origin Letter of Credit Bil of exchange Bill of Lading Certificate of fumigation PAGE 19