Australia, New Zealand To Cut Sharply Tax on Vietnam Exports By 2010

Australia and New Zealand will cut import tariffs on Vietnamese products by 85 per cent and 96.4 per cent, respectively by 2010 and exempt the tax by 2020, the state-run Vietnam News Agency said, quoting the Australian ambassador at a press conference held in Hanoi April 8.

 

The commitments in tax cuts by Australia and New Zealand are part of the Asean-Australia-New Zealand Free Trade Agreement (AANFTA) reached at the Asean summit in Hua Hin, Thailand on Feb 27.

 

“Vietnam has a lot to gain in terms of access to Australian and New Zealand markets,” Allaster Cox, Australian ambassador to Vietnam said.

 

The two foreign countries will exempt taxes for Vietnamese exports such as fish, fresh and dried nuts and fruits, sugar, pulp, paper, furniture, minerals, fibers and apparels from 2010.

 

Currently, Vietnam is Australia's 6th biggest trade partner in Asean with two-way trade hitting US$8 billion in 2007-2008, making up 10 per cent of Australia's trade turnover with Asean bloc. (VNS)