Vietnam To Cut Tariffs for Many Japanese Imports from Jun 12

The Vietnamese Ministry of Finance will reduce import tariffs on dozens of Japanese products from Jun 12 in line with the Vietnam-Japan economic partnership agreement (VJEPA) passed by Prime Minister Nguyen Tan Dung Apr 16.

 

Vietnam will slash and exempt 8,870 tax lines out of its current total 9,390 pursuant to the VJEPA. Of the targeted ones, 2,300 preferential taxes on apparels, iron and steel, metals and steel products, machines and equipment, means of transport, paper, plastics, processed foodstuff, chemicals, minerals and others will be lower than the country’s current applications.

 

Under VJEPA, Hanoi and Tokyo agreed to exempt tax for 92 per cent of bilateral traded goods within 10 years of implementation (2009-2019).

 

Last year, trade between Vietnam and Japan hit US$15.5 billion.

 

By end-2008, Japan invested US$17 billion into 1,000 projects in Vietnam, ranking third among countries and territories.

 

Japan had provided US$13 billion of ODA loans for Vietnam between 1992 and 2007, making up 30 per cent of total ODA by international donors for Vietnam. (Vietnam Banking Times)