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Import duties cut under ASEAN-ANZ trade pact
Thousands of items imported from Australia, New Zealand and a number of ASEAN countries to Vietnam will enjoy tax incentives under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) in the 2010-12 period, according to the Ministry of Finance (MoF).
Under a newly-issued MoF special preferential import tariff, commodities from Australia, New Zealand, Brunei, Myanmar and Singapore shipped directly to Vietnam will get the tax preference provided that they satisfy the MoF’s origin regulations.
AANZFTA tariffs on poultry are 5 percent, fresh and frozen buffalo and beef 10-15 percent; fresh and frozen pork 20-25 percent; poultry products 10-20 percent; fish 20-30 percent; milk 7-25 percent; flowers 25-35 percent; and cigarettes 100 percent.
Almost all imported commodities will have tariffs gradually reduced between 2010 and 2012. For example, tariffs on powdered milk without sugar and other sweeteners will be lowered from 10 percent in 2010 and 2011 to 7 percent in 2012.
Tariffs on cigarettes will remain stable during the implementation of the special preferential tariffs.
The new tariffs will take effect since January 1 next year.
Australia and New Zealand have so far also cut import tariffs on 85 percent and 96.4 percent, respectively, of Vietnamese good items including textiles, fabric and minerals since April this year.
With last year’s trade turnover of 5.6 billion USD, Vietnam currently ranks the eight among Australia’s trade partners in the ASEAN bloc.
Bilateral trade between the two countries has also grown 22 percent on average for the past five years.
Two-way trade between Vietnam and New Zealand also reached more than 300 million USD last year.
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