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What are Incoterms?

"Incoterms" is a concise and easily understandable term referring to International Commercial Terms. First drafted in 1936, Incoterms is a set of 11 rules designed to specify the responsibilities of each party in international trade transactions.

Why are these terms important?
Because Incoterms are known and accepted from Austin to Zanzibar. A requirement on every commercial invoice, these terms help minimize potential misunderstandings that could lead to significant costs.

What is the scope of Incoterms?
Incoterms define all tasks, risks, and costs involved in the process of buying and selling goods from the seller to the buyer. The terms of Incoterms 2010, previously applicable only in international trade, are now also applied to domestic commercial activities, and trade within the country with areas outside customs (bonded warehouses, tax-privileged zones). Incoterms 2010 is divided into 4 groups based on transport cost and the transfer of risk location. There are 11 methods in Incoterms 2010, categorized into two groups according to types of transport:

Conditions applicable to all modes of transport:

+ EXW – Ex Works: Delivered at the factory
+ FCA – Free Carrier: Delivered to the carrier
+ CPT – Carriage Paid To: Freight paid to
+ CIP – Carriage and Insurance Paid To: Freight and insurance paid to
+ DAT – Delivered at Terminal: Delivered at the terminal
+ DAP – Delivered at Place: Delivered at the named place
+ DDP – Delivered Duty Paid: Delivered duty paid

Conditions applicable to sea and inland waterway transport:
+ FAS – Free Alongside Ship: Delivered alongside the ship
+ FOB – Free On Board: Delivered on board
+ CFR – Cost and Freight: Cost and freight
+ CIF – Cost, Insurance and Freight: Cost, insurance, and freight

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OUR SERVICES:

+ International sea freight transportation
+ International air freight transportation
+ Transportation of containerized and CFS-CFS goods
+ Customs declaration services for import and export goods
+ Domestic transportation services by truck, tractor to customer's warehouse
+ Application for import licenses, declarations, conformity, standards, inspection, and quality control services

For more detailed information, businesses can contact us through the hotline: (+84) 862 677 887 or visit our website: www.fasttrans.com.vn