Ministry of Finance to cut import duties

Hanoi (VNA) – The Ministry of Finance will cut import duties by an average of
roughly 2 percent on many goods between now and the end of this year to comply with
WTO commitments, the ministry announced last week.

Among the goods subject to lower duties will be beer and liquor, tobacco, coffee,
vegetable oil, processed meat, fresh fruit and vegetables, iron and chemical
products.

Since it became a WTO member in January, 2007, Vietnam has committed to reduce
tariffs on 10,689 tax lines by an average of about 4 percent through 2013. Duties on
agricultural products must be reduced on average from 25.2 to 21 percent, and those
on other products from an average of 16.1 to 12.6 percent.

In the two years since WTO accession, tariffs have been cut on about 1,800 different
tax lines, mostly related to apparel and agricultural products. Duties on vehicles
and milk were even reduced ahead of WTO deadlines, the ministry said.

Deputy Minister of Finance Tran Xuan Ha said the opening of the domestic market
through the reduction of tariffs and the removal of non-tariff barriers on many
goods, including equipment, machinery and raw materials, had made it easier to bring
high-quality goods into the country at more reasonable prices.

On the other hand, Ha also noted, the opening had stepped up competition for some
Vietnamese products.-Enditem