Vietnam reduces 1,800 taxes after two years

Since it joined the World Trade Organisation two years ago, Vietnam has reduced 1,800 tax under WTO commitments, according to a representative from the Ministry of Finance.

Deputy Minister of Finance Tran Xuan Ha said the opening up of the domestic market, the reduction of tariffs and the removal of tariff barriers for products such as machinery and raw materials have both helped to ensure high-quality goods at reasonable prices for consumers and increased the competitiveness.

Vietnam now has to cope with challenges such as the free circulation of capital and diverse financial services. In addition, there is tough and fierce competition in the financial and stock markets.

Apart from reducing different taxes under WTO commitments, export and import tariffs have been also adjusted, creating a legal foundation for the further implementation of WTO commitments over the next five to seven years.

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