Vietnam will slash import duties on 10,600 items by 30 per cent on average after becoming a member of the World Trade Organization (WTO), said Nguyen Thi Bich, head of the Finance Ministry’s International Cooperation Department.
Following commitments made with trade partners on WTO entry, about 10,600 tariff lines are subject to reduction in five years after Vietnam joins this global trade body.
Bich said that the import tariff on garment and textile 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 will remove subsidies for agricultural and industrial products exports right after the WTO accession, she also said.
Under a bilateral deal with the United States, Vietnam will impose import taxes of 15 per cent or less on roughly three-fourths of US’s agricultural exports, including cotton, selected beef, pork, whey, grapes, apples, pears and soybeans. Vietnam's current average applied tariff on agricultural products is 27 per cent.
About 94 per cent of Vietnam’s manufactured goods import from the US will face duties of 15 per cent or less. Duties for key products in the construction equipment, pharmaceuticals and aircraft sectors are 0-5 per cent.
In the meantime, the country will by 2015 have to cut taxes by 0 per cent with imports from China and South Korea under the CEPT/AFTA Agreement with these countries.
Vietnam has concluded the WTO bilateral negotiations on opening the domestic market with 26 partners who required talks on tariffs, Bich said.
The country is expected to announce roadmap to cut import taxes on each items after September 15, when it has to answer the roadmap to the WTO Secretary Board.
Vietnam Economic Times, Xinhuanet
Vietnamese
