Vietnam customs authority suspends preferential treatment for Panasonic Vietnam
The General Department of Vietnam Customs has imposed a 60-day suspension of preferential treatment for Panasonic Vietnam over the latter’s failure to comply with several regulations.
In a decision issued last week, the customs authority said the company had failed to abide by Article 45 of the Customs Law, which requires businesses, among other things, to submit result reports and follow decisions on inspection and monitoring.
A Panasonic factory in Hanoi. Photo courtesy of Xuan Mai Corp.
Panasonic Vietnam, a subsidiary of Japanese giant Panasonic, is located in Hanoi’s Thang Long Industrial Park. It began receiving preferential treatment in 2021. It got higher priority for processing tax procedures, was able to process customs procedures with incomplete filings or alternative documents (for complete filing or full submission in 30 days), and could bypass several steps in customs checking procedures.
A total of 75 businesses have been granted the preferential treatment to date by Vietnam Customs.
As of April 2022, Panasonic Vietnam had several establishments, including Panasonic Sales Vietnam; Panasonic Research & Development Center Vietnam; Panasonic Insurance Service Vietnam; and four manufacturing units.
The manufacturing units are Panasonic Appliances Vietnam (PAPVN); Panasonic System Networks Vietnam (PSNV); Panasonic Industrial Devices Vietnam (PIDVN); and Panasonic Electric Works Vietnam (PEWVN), formerly known as Panasonic Life Solutions Vietnam.
Established in 2005, Panasonic Vietnam has so far invested $243 million in the country.
In September 2023, Panasonic Appliances Vietnam received an $18 million investment certificate from Hung Yen province, which neighbors Hanoi.
In September 2021, Panasonic Ecology Systems Co., Ltd. and Panasonic Life Solutions Vietnam Co. Ltd. launched a new $45-million factory in the southern province of Binh Duong to produce ceiling fans and ventilator fans.
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