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WTO membership to cut down import tariffs

12
Jan '07
Sources from the Ministry of Finance informed that customers will get advantage of reduced prices on certain goods in 2007 due to slash in import duties.

Vietnam became official member of WTO on January 11, 2007. Import duties on over 1,800 types of products will be sliced in accordance with the nation's commitments to WTO.

Import taxes on textiles will be cut by 63 percent, on cosmetics by 20-40 percent, on jewellery by 25 percent and by 20 percent on footwear.

To prevent local markets from being imbalanced, tariff reductions will be implemented step by step. Hence rates of consumer goods will not drop immediately.

Ministry of Finance has prepared a draft list of products to get special import duties as per commitments in the ASEAN-China and ASEAN-South Korea FTAs. Local companies will be imposed with preferential import duties for goods procured from these regions.


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