Tariffs cut for ASEAN, South Korean goods

Viet Nam will cut import tariffs on almost all categories of goods, raw materials and equipment from ASEAN nations and South Korea between now and 2015, according to the Ministry of Finance.

Duties on sugar, eggs, grain and other food items, as well as beer and alcoholic beverages, some vehicles, and automobile spare parts, would be cut from current rates of 5-20 per cent to 0-8 per cent, pursuant to commitments contained in the ASEAN-South Korea Free Trade Agreement (AKFTA).

The AKFTA, which took effect in June 2007, lowered tariffs on 8,000 categories of goods from ASEAN countries and required ASEAN countries to lower taxes to 0-5 per cent on about 200 categories of goods shipped from South Korea.

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