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More tariffs to fall pursuant to WTO deal
The Ministry of Finance will cut import duties by an average of roughly 2 per cent on many goods between now and the end of this year to comply with WTO commitments, the ministry announced last week.
Among the goods subject to lower duties will be beer and liquor, tobacco, coffee, vegetable oil, processed meat, fresh fruit and vegetables, iron and chemical products.
Since it became a WTO member in January 2007, Viet Nam has committed to reduce tariffs on 10,689 tax lines by an average of about 4 per cent through 2013. Duties on agricultural products must be reduced on average from 25.2 to 21 per cent, and those on other products from an average of 16.1 to 12.6 per cent.
In the two years since WTO accession, tariffs have been cut on about 1,800 different tax lines, mostly related to apparel and agricultural products. Duties on vehicles and milk were even reduced ahead of WTO deadlines, the ministry said.
Deputy Minister of Finance Tran Xuan Ha said the opening of the domestic market through the reduction of tariffs and the removal of non-tariff barriers on many goods, including equipment, machinery and raw materials, had made it easier to bring high -quality goods into the country at more reasonable prices.
On the other hand, Ha also noted, the opening had stepped up competition for some Vietnamese products.
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