Economic partnership agreement with Japan approved

The Japanese House of Councillors on June 24 approved an economic partnership agreement with Vietnam.

Under the agreement, 92 percent of imported and exported products will be exempt from taxation. Around 86 percent of Vietnamese agricultural, timber and seafood products and 97 percent of industrial goods will enjoy preferential import taxes. Mineral products will also be exempt from taxation while import taxes on frozen shrimp and cuttle-fish will fall to between 1-3 percent.

Around 88 percent of Japanese products exported to Vietnam will see taxes drop within 10 years. Flat components and DVD will be reduced to 3 percent, digital camera to 10 percent, colour TV to 40 percent and automobile spare parts to 10-20 percent.

The decision by the Japanese House of Councillors will help to boost bilateral trade ties between the two countries and open up many opportunities for businesses in both countries.

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