According to the Ministry of Finance, Vietnam has made commitments to demolish 65 percent tax lines on goods imported to the country after the Trans-Pacific Partnership (TPP) takes effect.
Nearly 98 percent tariff lines will be canceled after ten years since the agreement becomes effective. Remaining commodities will see tariff abolishment in more than ten years or application of tariff rate quotas (TRQ).
TTP member nations will also eliminate 78-95 percent tax lines on Vietnamese goods after the agreement takes effect. Other goods will follow a tax elimination route within 5-10 years, except some sensitive goods that will see tariffs eradicated after more than ten years or apply TRQ.
Vietnam has pledged to dismantle import tariffs on live animals, feed, some dairy products, medicine, garment and textile materials, perfume, cosmetic and interior accessories right after TPP becomes effective.
The country will also cancel export taxes on most current commodities within 5-15 years after that time.