In compliance with the conditions and agreements contracted during the ASEAN and China Free Trade Area, the Government of Vietnam recently announced the implementation of special preferential import taxes with effect from January 1, 2008.
The enforcement of this new policy implies that while import taxes for some products like foodstuff would be zero, for others like fabrics and textile and clothes accessories, it would be 12 and 20 percent respectively, lower from the earlier import duties charged.
The supplying countries would have the special advantage of exporting its products directly to Vietnam provided it has the E category of certificate of origin.
Most importantly, since the policy will be regarded as effectual from January 1 this year, exporters who paid higher taxes in the meanwhile can claim for tax refunds under special preferential scheme, after submitting the necessary documents.
Fibre2fashion News Desk - China
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