Thousands of goods items to enjoy zero percent tariff in 2018
Updated : Monday, January 08, 2018 3:01 PM (GMT+0700)

Thousandsof goods items will enjoy a zero percent import tariff in 2018 in line withVietnam’s commitments on special preferential import duty rates within theframework of 10 free trade agreements (FTA).

 
Thousands of goods items to enjoy zero percent tariff in 2018 - Illustrative image

The free trade deals areASEAN, ASEAN-China, ASEAN-Republic of Korea (RoK), ASEAN-Japan, ASEAN-India,ASEAN-Australia-New Zealand, Vietnam-Japan, Vietnam-RoK, Vietnam-Chile, andVietnam-Eurasian Economic Union (EAEU).

Deputy head of theInternational Relations Department under the Ministry of Finance Pham Tuan Anhrevealed the information at a press conference in Hanoi on January 5 tointroduce ten decrees stipulating preferential import tariffs for the 2018-2023period.

Under the Vietnam-EAEU FTAdecree, 5,535 tariff lines have been reduced to zero percent as of 2018 while3,720 others are following suit this year such as milk, dairy products,automobile and spare parts, iron and steel, and steel products.

For the ASEAN-China FTA,products to be subjected to the zero percent import tax rate in 2018 includeschicken, coffee, raw tea, processed food, apparel fabrics, clothes, electronicequipment and electrics. 

The Vietnam-Japan FTA willsee the zero percent rate applied to 456 tariff lines, mainly for the group offat, sugar, machinery, equipment, and vehicle parts.

Seafood, wheat,confectionery, diesel fuel, machinery and electronic equipment are some of 704tariff lines that will be cut to zero percent this year under the Vietnam-RoKFTA (KVFTA).

Regarding the ASEAN Trade inGoods Agreement (ATIGA) decree, Vietnam had basically completed the eliminationof tariffs within ASEAN by 2015 with only seven percent of tariff lines beingcut down to zero percent in 2018, including automobile, motorbike, vehiclecomponents, vegetable oil, tropical fruits, home electronic appliances, milkand dairy products.

Meanwhile, the ATIGA allowskeeping a tariff rate of five percent for some sensitive agricultural productssuch as poultry, chicken, citrus fruits, brown rice, processed meat and sugar.

Source:VNA

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