TradeLane

Duty Drawback is the United States’ oldest trade program in operation, dating back to 1789 when we were just a fledgling democracy determined to make our presence known on the world stage. The program’s intent then, as it is now, is to put American companies on a more level playing field with its international competition by driving out the cost of import tariffs and fees from its exported products.

2023 was a good year for trade in Vietnam. According to the General Statistics Office of Vietnam, the import and export goods turnover in Vietnam reached 683 billion USD, with a trade surplus of 26 billion USD, more than double that in 2022.

As our Vice President Michael Bellezza spoke about on June 26^th, the pace of change in trade compliance regulations and requirements has never been swifter than in the past five years.

The United States market is not unique in grappling with these regulatory challenges. However, the formality with which US Customs & Border Protection, the US Bureau of Industry and Security, and other relevant government agencies enforce regulations, combined with the market size and trade volumes most US-based customers must manage, make this a jurisdiction where strategy and forethought are especially key to ensure trade compliance departments meet their goals.

Global trade regulations have never been more complicated or unpredictable, and compliance mistakes are more costly than ever.

Despite a somewhat sluggish global trade climate, Tradewin keeps growing! As international trade law and associated regulations change, the need for trade compliance and advisory services continues to increase at individual companies, as well as at an industry level. Tradewin will continue to invest in our network and facilities where our clients need us most.