Video: Ministry of Finance urgently developing decree on preferential tariffs under EVFTA
Vietnamese agencies are preparing procedures to submit to the National Assembly for the session in May. If the EVFTA is approved on this session and two parties notify each other of finishing legal procedures in June, the decree will come into force from July 1.
To carry out Vietnam’s obligation on tax commitments, the Ministry of Finance is urgently developing a decree on Preferential Export Tariffs and Preferential Import Tariffs under EVFTA to apply as the decree comes into force and building a roadmap to cut special preferential import and export tariffs as committed in the decree.
Regarding import tariffs, Vietnam is committed to elaborating import taxes as soon as the decree is effective for 48.5 of tariffs, equivalent to 64.5 percent of import turnover from the EU and about 99 percent of tariffs, equivalent to 99.8 percent of import turnover from the EU after 10 years. For the remaining tariffs, Vietnam will have an over-10-year roadmap or offer preferences for the EU based on WTO tariffs.
The roadmap to elaborate import taxes for Vietnam’s major items as follow: cars (after nine years for powerful cars (more than 3,000cc for petrol engines and over 2,500 cc for diesel engines) and 10 years for the remaining cars); automobile components and spare parts (after a maximum of seven years); chemicals (a maximum of seven years); alcoholic beverages (a maximum of 10 years); beef (three years), frozen pork (after seven years), chicken (10 years); milk and milk products (three to five years); fish and fish products (three to seven years); cigarettes and cigars (15 years); and machinery and equipment (a maximum of seven years); etc.
Regarding export tariffs, Vietnam is committed to elaborating export taxes for items to the EU under a roadmap as much as 15 years, except for items of which export tax rates remain like crude oil and coal (excluding coal for coking and coke).
Related News
Ho Chi Minh City Customs reforms and implements digital customs to better support businesses
14:47 | 27/04/2024 Customs
“Opportune environment” for growth of insurance enterprises
10:15 | 03/05/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Investing in wages is investing in development
09:10 | 11/04/2024 Import-Export
Latest News
Warn about the fraudulent tricks of stock investment
16:30 | 07/05/2024 Finance
State budget revenue estimated at VND733.4 trillion
14:40 | 06/05/2024 Finance
Six localities should expedite site clearance and public investment
10:36 | 05/05/2024 Finance
Banks announce plans to significantly increase capital
15:11 | 04/05/2024 Finance
More News
Minister of Finance Ho Duc Phoc receives Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam
13:47 | 04/05/2024 Finance
Banks strengthen information security systems
14:55 | 03/05/2024 Finance
Closely monitoring fluctuations to calculate the appropriate time to adjust prices
15:35 | 02/05/2024 Finance
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Your care
Warn about the fraudulent tricks of stock investment
16:30 | 07/05/2024 Finance
State budget revenue estimated at VND733.4 trillion
14:40 | 06/05/2024 Finance
Six localities should expedite site clearance and public investment
10:36 | 05/05/2024 Finance
Banks announce plans to significantly increase capital
15:11 | 04/05/2024 Finance
Minister of Finance Ho Duc Phoc receives Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam
13:47 | 04/05/2024 Finance