Tax-exempt products include electronic items, computers and components, fibre, garment materials, leather and footwear, medicine, plastic materials, chemicals, machines and devices, accessories and others.
354 products that Vietnam doest not commit to reduce or exempt tax will be imposed MFN (most favorite nation) tariff levels as present.
Import goods must meet origin requirements as per regulations by the Ministry of Industry and Trade to enjoy the incentive.
The Finance Ministry has also issued a similar circular to carry out Vietnam’s commitments in the ASEAN-Japan Comprehensive Economic Partnership Agreement (EPA).
2,874 products imported from Japan will be exempted from paying any import tax from April 1, equivalent to 30 percent of the total tariff. 413 items not falling under the commitments will be taxed MFN rates.