Vietnam to Lower 200 Import Tariffs under ACFTA

According to Vietnam Investment Review on December 28, 2011, Vietnam Ministry of Finance recently released the List of 2012-2014's Import Tariff Schedule under ASEAN-CHINA FREE TRADE AREA (ACFTA).

There are 8,900 goods, out of 9,558 ones in a preferential import tariff schedule, involved in the ACFTA tariff to be implemented during the next 3 years.

More than 600 goods not listed in the ACFTA tariff are all sensitive commodities.

To implement the ACFTA, in 2012, Vietnam will go on slashing duties on nearly 200 goods, down 5-10 percentage points year-on-year, those on other 8,700 goods to remain the same as in 2011.

As per the ACFTA tariff, reduction from 15% to 10% will be applied to the import duties on rice, vegetable oil, mineral water, beverage, cosmetics, wood products, steel/iron products (pincers, locks and hinges), microwave ovens and electric water heaters, which are imported from the ASEAN countries and China.