Glossary of Trade & Shipping Terms - V

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• V.C. - Valuation clause
• V.L.C.C. - very large crude carrier
• v.o.p. - Value as in original policy
• V.T.S. - Vessel Traffic Systems
• Validated Export License - A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. Two types exist: an Individual Validated License (IVL) and a Special License.
• Value Added Counseling - Valued added counseling is defined as assessing a company's current international business operations and assisting a client in one or more of the following: (a) identifying and selecting the most viable markets; (b) developing an export market strategy; (c) implementing the export market strategy; and (d) increasing market presence.
• Value Added Tax (VAT) - A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
• Value Date - The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.
• Value for Customs Purposes Only - The U.S. Customs Service defines "value for Customs purposes only" as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisement of the merchandise.
• Value-Added Tax - A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports.
• Variable Levy - A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.
• VAT - Value-Added Tax
• Vd. - Valued
• VER - Voluntary Export Restriction
• Vertical Export Trading Company - An export trading company that integrates a range of functions taking products from suppliers to consumers.
• vessel - Ship or boat.
• Visa - Visas are required by many countries for entry of a foreigner. A visa is a stamp in a foreign national's passport issued by a U.S. consular officer which creates a legal presumption that there are no apparent reason to deny entry into the U.S. Regardless of the stamp, the final decision to grant admission is made by an officer of the U.S. Immigration Service at the port of entry.
• Visa Waiver - A program of selected countries to eliminate the visa requirement on a test basis.
• Visit USA Committee - A committee of U.S. tourism managers located in foreign markets. Visit USA Committees work with USTTA and the U.S. & Foreign Commercial Service in planning and promoting travel to the U.S.
• VL - Variable Levy
• VLCC - Very large crude carrier
• VO-MTO - Vessel-operating multimodal transport operator
• VOA - Voice of America
• Voluntary Export Restriction - An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement.
• Voluntary Restraint Agreement - Informal bilateral or multilateral understandings in which exporters voluntarily limit exports of certain products to a particular country destination in order to avoid economic dislocation in the importing country and the imposition of mandatory import restrictions. These arrangements do not involve an obligation on the part of the importing country to provide "compensation" to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports. See: Voluntary Export Restriction.
• Voluntary Restraint Agreements (VRAs) - Generally, a bilateral arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls. These agreements are generally undertaken to avoid action by the importing country against imports that may major or in some way threaten the positions of domestic firms in the industry in question.
• VRA - Voluntary Restraint Agreement