Vietnam to Lower 1,800 Import Duties from 2012

According to Vietnam's new tariff schedule, Vietnam will lower the import duties from January 1, 2012 on about 1,800 goods covered by the ASEAN free trade area, making up 19% of its current tariff items.

In particular, the 0% rate will be applied to 1,600 goods within the free trade area including aquatic, rubber and textile products; 10%-5% will be applied to sensitive agricultural products including chicken, lemon, shaddocks, rice and canned meat; and the duty cut for petroleum products will be compliant with the duty-reduction plan for 32 goods adopted by ASEAN economic minister meeting in Aug. 2010.