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

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.