Headlines 15/11/2018 08:56 SA

New Vietnam product classification system is launched

Quỳnh Như

On November 1, 2018, the Prime Minister promulgated the Decision No. 43/2018/QD-TTg on the Vietnam Product Classification System.

Since the product classification system is developed based on the standard industrial classification system, this new product classification system is promulgated to be compatible with the Vietnam standard industrial classification in effect on July 6, 2018.

The system is divided into 7 levels designated by respective codes as follows:

- Level 1 comprises 21 product sectors designated by alphabetical letters hierarchically arranged from A to U;

- Level 2 comprises product sectors, each of which is designated by a two-digit code according to the corresponding Level-1 product sector;

- Level 3 comprises product sectors, each of which is designated by a three-digit code according to the corresponding Level-2 product sector;

- Level 4 comprises product sectors, each of which is designated by a four-digit code according to the corresponding Level-3 product sector;

- Level 5 comprises product sectors, each of which is designated by a five-digit code according to the corresponding Level-4 product sector;

- Level 6 comprises product sectors, each of which is designated by a six-digit code according to the corresponding Level-5 product sector;

- Level 7 comprises product sectors, each of which is designated by a seven-digit code according to the corresponding Level-6 product sector.

The Decision No. 43/2018/QD-TTg will enter into force on December 20, 2018.

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