Vietnam Cuts 1,800 Tariff Lines after WTO Entry
Vietnam has applied three large tariff reductions for 1,800 tax lines in line with its commitments to the World Trade Organization (WTO), said Deputy Minister of Finance Tran Xuan Ha.
The country has also adjusted import-export tariff tables, laying legal foundations for continuous execution of WTO commitments in the next 5-7 years, added the deputy.
Following commitments made with trade partners on WTO entry, about 10,600 tariff lines are subject to reduction in five years after Vietnam’s admission to the global trade club, said the ministry.
The import tariffs on garments and textiles will undergo the most reduction, by 63 per cent, followed by fishes and fish products by 38 per cent, wood for paper production by 33 per cent, and electrical and electronic equipment by 24 per cent.
Vietnam officially became the 150th member of the WTO in January 11, 2007. (Vietnam & World Economy)
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