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Tariff cuts fail to suppress prices on goods

23
Jan '07
Even after decrease in the tariff on 26 items under WTO commitments, consumers fail to see any change in the prices.

After WTO accession, domestic markets have witnessed five to ten percent hike in the prices of apparel, and suppliers are further planning to increase price towards the Lunar New Year.

Country has reduced tariff by 20 percent on cosmetics and footwear. Although prices of cosmetics are reduced, it remained stable as most of them are locally produced.

Moreover, prices of imported goods remained same as they were purchased before the reduction in tariff took place.

Similarly, goods imported from ASEAN already enjoy the benefit of preferential tax rates of zero to five percent before Vietnam joined the WTO.

According to experts, higher purchasing power is expected to trigger increase in price further.


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