Import tax reduces to zero percent

The Ministry of Finance yesterday hosted a press conference to introduce ten decrees of issuing preferential import tariffs of Vietnam to carry out Free Trade Agreements (FTA) being from January of 2018.

The number of import tax is reduced to zero percent this year

The number of import tax is reduced to zero percent this year

The preferential import tariffs would have been applied to the term of 2022-2023. 

Vietnam is currently performing its guarantee of preferential import tax in the framework of ten Free Trade Agreements including ASEAN, ASEAN-China Free Trade Area (ACFTA), ASEAN – South Korea, ASEAN – Japan, ASEAN – India, ASEAN – Australia – New Zealand, the Vietnam- Japan Economic Partnership Agreement (VJEPA), the Free Trade Agreement between Vietnam and Korea (VKFTA), Vietnam – Chile and the Free Trade Agreement between the Eurasian Economic Union and Vietnam (VN – EAEU FTA).

On promulgating tariffs of VN – EAEU FTA, 5,535 tariff lines have being reduced to zero percent by 2018 and around 3,720 tariff lines are being cut off to zero percent in 2018 such us milk, dairy products, automobiles and auto parts, iron & steel and steel products …

On the ACFTS decree, the number of tariff lines being reduced from five percent, ten percent to zero percent in 2018 includes chicken recipes, coffee, raw tea, processed food, apparel fabrics, clothes, electrical and electronic equipment …

In addition, on VKFTA, 704 tariff lines have also being cut to zero percent in fields of seafood, flour, sweet, diesel fuel, electrical and electronic equipment... With VJEPA, 456 tariffs falling to zero percent include the group of fat, sugar, devices, auto parts…

BY NGOC QUANG- Translated by Huyen Huong

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