ALLOCATE TARIFF QUOTA FOR IMPORT OF SUGAR UNDER AUCTION METHOD
The Circular No. 11/2022/TT-BCT providing regulations on allocation of tariff quota for import of sugar under auction method is issued on June 27, 2022 by the Ministry of Industry and Trade.
Accordingly, the Circular defines that the Ministry of Industry and Trade shall establish a Council for allocating sugar import tariff quota under auction method to administer the allocation. Composition of the Auction Council: leader of the Ministry of Industry and Trade (who will act as the Chairperson of the Council) and representatives of the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, the Ministry of Justice and the Ministry of Finance (who will act as the Council members).
Procedures for allocating sugar import tariff quota under auction method as follows:
The Auction Council shall notify the time and location expected to organize the auction session, notify the invitation for participation and procedures for official participation on the Ministry of Industry and Trade's e-portal, Industry and Trade Magazine, Vietnam Agriculture Newspaper, Vietnam Financial Times for at least 21 days before conducting the auction session.
Each trader shall submit only one set of dossiers to the standing body of the Auction Council (the Agency of Foreign Trade under the Agency of Foreign Trade), such a dossier set including: price slip; the trader’s business registration certificate, enterprise registration certificate or investment certificate or an equivalent paper; documents certifying the making of deposit.
The Auction Council shall check, evaluate the dossiers and notify the evaluation result to traders.
Regarding deposit for participating in the auction, the deposit amount is equivalent to 10% of the value of the sugar the trader registers for allocation under auction method, calculated by the reserve price.
This Circular takes effect on August 12, 2022.
