Japan Slashes Taxes on Vietnamese Imports

Most Vietnamese commodities exported to Japan will enjoy preferential tax rates of between zero and 5 percent once the Vietnam-Japan Economic Partnership Agreement takes effect, said an official on June 29.

Le Trieu Dung from the Ministry of Industry and Trade (MoIT)'s Multilateral Policy Department was speaking at a seminar to launch the agreement (VJEPA) in Hanoi June 29.

Under the partnership, the Japanese House of Councilors approved on June 24, Japan pledges trade liberalization for Vietnamese goods over the next 10 years, he said, adding that opening up the Japanese market to Vietnamese farm produce was one of VJEPA's chief benefits.

Durian and some other fruits will immediately enjoy zero taxes while pepper and sweet corn will gradually achieve that rate over five to seven years. Coffee and tea will become tax-free in 15 years' time.