Vietnam to Cut More Tariffs by 2 per cent Average by end-2009
Vietnam will continue slashing tariffs on many products by 2 per cent on average from now until the end of this year in line with the country’s commitments to the World Trade Organization (WTO), the Vietnam News Agency said Monday, citing the Ministry of Finance (MoF).
The duty cut will be subject to beer, wine, coffee, cigarette, vegetable oil, processed meet, fresh fruit, vegetables, iron and chemicals.
Vietnam has applied three large tariff reductions for 1,800 tax lines since it officially became the 150th member of the WTO in January 11, 2007, 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.
Under Vietnam’s WTO commitments, up to 10,689 tariff lines are subject to average reduction of 4 per cent through 2013. Taxes on farm produce will be reduced to 21 per cent from 25.2 per cent on average and those on others from an average of 16.1 per cent to 12.6 per cent. (VNS, Urban Economy)
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