Vietnam to Reduce Import Tariffs on US Goods

Vietnam to Reduce Import Tariffs on US Goods

Import tariffs on many products imported from the US will be reduced from December 10, 2004 in conformity with the Vietnam - US Bilateral Trade Agreement, according to the Decision No.90/2004/QD-BTC issued by the Ministry of Finance.

Accordingly, the import tariff on perfumes and scented water will be reduced from 50 per cent to 30 per cent. The import tariff on other cosmetics products will be cut down from 50 per cent to between 20 per cent and 30 per cent.

Cameras using 35-mm film will be subject to an import tariff of 20 per cent, against the current rate of 30 per cent. The tariff levied on refrigerators having a maximum capacity of 900 liters each will be reduced from 30-50 per cent to 20-40 per cent.

Vietnam spent US$900.7 million on imports from the US in the first nine months of this year, a decline of 8.3 per cent against the same period last year. The country earned US$3.68 billion from exporting to the latter in the same period, up 18.2 per cent.

• V.P