Import tariffs to be cut under FTA commitments
25-12-2014 15:48:51+07:00
Import tariffs to be cut under FTA commitments
Ministries, sectors and localities need to commit to reducing import taxes, as established in a Free Trade Agreement (FTA) for 2015 to 2018, Deputy Prime Minister Vu Van Ninh said.
Ninh asked the ministries, agencies, and localities to take the steps necessary to ensure the tariffs are lowered.
According to the Ministry of Finance, Viet Nam has signed eight FTAs bilaterally and multilaterally, most of which require cutting about 90 per cent of tariffs.
The duty on items needed for domestic production will be cut first, while tariffs on sensitive goods with high tax rates will be reduced later.
It is expected that about 90-97 per cent of tariffs will be cut entirely by 2020.
