Ministry of
Finance has issued four new decrees about import tariff cuts on an array of
goods in order to implement Vietnam’s commitments within the frame of Free
Trade Agreement (FTA).
In particular, the Decree No 20 on incentive tariff under ASEAN-Japan
Comprehensive Economic Partnership (AJCEP) and Decree 21 on implementing
Vietnam-Japan Economic Partnership Agreement (VJEPA) in the period of 2012 to
2015 both will take effect from April 1.
Accordingly, a series of commodities in most fields will be subject to
the gradual cuts in import tariffs in next 2-3 years.
Notably, pursuant to Decree 20, the import tariff on some commodities
of apparel will be reduced gradually from 13% in 2012, 11% and 9% in two
following years.
Other electronic items also carry new tariffs such television camera
from 5% to 2.5% in 2014, digital recorders enjoy tariff exemption in line with
the timetable from now to 2014.
Vietnam’s import tariff on household appliances like kitchen items also
will be lowered from 19% in 2012 to 14% by 2014.
In addition, Decree No 44 and 45 about the implementation of
ASEAN-Australia-New Zealand Free Trade Agreement (AANFTA) and ASEAN-India Free
Trade Agreement (AIFTA) for 2012-2014 period will also be effective from April
30, 2012.
The requirement for commodities to be subject to new incentive tariffs
of Vietnam is that these commodities must be imported from member countries of
the concerned agreement or transported directly from export countries along
with Certificate of Origins.
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