Import Inventory From Vietnam – Ultimate Guide In 2022
If you want to import inventory from Vietnam, this article is worth looking at. Both shops and producers can keep selling or developing things if they retain stock.
Vietnamese inventory is a current asset in accounting and refers to all merchandise in various manufacturing stages. The process of counting or cataloging objects is referred to as “inventory.”
Vncomex has compiled the latest information about how to import inventory from Vietnam in the article below. Let’s dive into the details!
The Origin
The word “inventory” refers to the raw materials utilized in production and the finished items ready to sell.
Inventory is one of a company’s most valuable assets since inventory turnover is one of the critical sources of revenue production and, as a result, profitability for the company’s shareholders.
Raw materials, finished items, and work-in-progress are the three forms of inventory. On a company’s balance sheet, it is a current commodity.
There are three techniques to value inventory:
- The first-in, first-out (FIFO) technique states that the cost of items sold is determined by the value of the first materials acquired. The price of the most recently bought commodities calculates existing inventories’ carrying cost.
- The last-in, first-out (LIFO) technique asserts that the price of items sold is dependent on the cost of the most recently acquired materials. In contrast, the remaining stock’s price depends on the value of the most recently purchased materials.
- The weighted average technique entails valuing both inventories and COGS using the average price of all commodities purchased during the period.
The pace with which a company’s inventory turns over is one way to measure its performance.
When a company sells goods quicker than its rivals, it saves money on holding expenses and misses opportunities. Consequently, they frequently outperform, as this aids in the efficiency of its product sales.
The Markets To Import Inventory From Vietnam
Vietnam was in the top 44 economies in terms of GDP (current US$), number 20 in total exports, number 20 in total imports, and the number 65 most complicated economy in 2021. (ECI).
According to the General Department of Vietnam Customs, Vietnam’s biggest import partners in 2021 were:
| Country |
Value in US$ (percentage of total imports) |
| China | 106.7 billion (22.2%) |
| South Korea | 65.7 billion (13.7%) |
| United States | 60.3 billion (12.6%) |
| Japan | 37.8 billion (7.9%) |
| Thailand | 17.3 billion (3.6%) |
| Taiwan | 16.3 billion (3.4%) |
| Malaysia | 11.5 billion (2.4%) |
| Germany | 10.7 billion (2.2%) |
| India | 10.7 billion (2.2%) |
| Hong Kong | 9.5 billion (2%) |
How To Import Inventory From Vietnam? Shipping Process
Here is the ultimate guide to import inventory from Vietnam. If you have any questions about this, please refer to our website for more information.
Licenses
You must get an investment license and a company registration certificate from the Department of Planning and Investment to import from Vietnam.
You don’t need a separate permit because your investment license permits you to import/export goods. If you want to sell your products wholesale to companies, you won’t require additional licenses.
A trade license is required to offer your items directly to Vietnamese customers.
A trade license takes 6-12 weeks to receive, and you may apply for it when you have completed the incorporation process and paid the financial commitment in full.
Remember that when you apply for your investing license, you must know what items you want to import. If your business intends to import more items in the future, you’ll need to modify the investment license as well.
Procedure To Import Inventory From Vietnam
Create an import file on the website.
- Go to the Inventory & Shipping section.
- Go to Shipping Strategy and choose it.
- Go to the Warehouses tab.
- Next to Create warehouse, click the more vert option.
- Select Import items from the drop-down menu.
- Drag and drop a file from your computer into the box.
- Select Import.
If you do not follow these signs, the spreadsheet import may fail, or the number of available items may be wrong.
Using an inventory spreadsheet, you may bulk-insert the number of SKUs for each of your store’s stocks. All inventory variants introduced to your shop are listed in the spreadsheet.
This importation is done with a .xls spreadsheet with the same structure as the exported one. You must use a.zip compressed file if your file is more significant than 10 MB.
Why Should You Choose Us?
If you want to become a prominent logistics company in the inventory industry but are having trouble getting started, Vncomex may be the best option for you to trust and pick.
In 2020, we established this company. Although we have only been in business for a short time, we have always provided a comprehensive variety of high-quality services and trustworthy products in trade, export, and import.
Not only that, but skilled professionals meticulously control the majority of the phases from production to packing and shipping to ensure that we provide flawless items to our partners.
You may put your faith in us since the goods it focuses on importing have gone to over 50 countries worldwide, thanks to a high-quality production method, competitive costs, and a reliable source of raw materials.
We’re also getting closer to clients with significant market positions and ambitions.
Conclusion
We hope everything in this post helped you genuinely understand the import procedure and the market for Vietnamese inventory.
Moreover, Vncomex is one of the competent and dependable organizations to import inventory from Vietnam. It will be an assistance for your start.
Apart from inventories, we also consult and provide import/export services for every item. So, if you want to find a reliable agency, don’t hesitate to contact us.
Thank you for reading!
source https://vncomex.com/import-inventory-from-vietnam/
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