Vietnam’s preferential import tariff rates for 2015-2018 wereintroduced to domestic firms during a workshop in Hanoi on July 15 asthe country realises its commitments under the ASEAN Trade in GoodsAgreement (ATIGA).
As of late 2014, Vietnam hadcut approximately 6,860 tariff lines, or 72 percent of the total exportsand imports, to zero.
On January 1, 2015, thecountry further cut 1,720 tariff lines, around 18 percent of the total,to zero. Another 687 lines will be eliminated by 2018, predominantlyautomobiles and motorbikes.
The ten ASEAN membercountries generate a manufacturing and market base with over 600 millionconsumers and a gross domestic product worth more than 1.3 trillionUSD.
The region is seen as the world’s most vibranteconomy and one of Vietnam’s top four trade partners, Cao Sy Kiem,Chairman of the Vietnam Small- and Medium-Sized Enterprises Associationtold the event.
Tran Quoc Khanh, Deputy Minister ofIndustry and Trade and chief government negotiator for global economicand trade affairs, said the ASEAN is the second largest goods supplierbehind China and the third largest export market of Vietnam, trailingthe US and EU.
Vietnam has achieved the topperformance in the roadmap for a single ASEAN Economic Community (AEC),reflecting its serious efforts to deliver on regional commitments, headded.
Delving deeper into challenges once Vietnamcommences deep tariff cuts in line with several free trade agreements,Deputy Head of the Finance Ministry’s International CooperationDepartment Ha Duy Tung admitted that limited financial, technology andcorporate governance prowess has translated into weak businesscompetitiveness.
For his part, Vice Director of theCentral Institute for Economic Management (CIEM) Vo Tri Thanh calledfor FTA commitments and implementation to be aligned with Vietnam’seconomic restructuring and shifts to new growth models.-VNA
As of late 2014, Vietnam hadcut approximately 6,860 tariff lines, or 72 percent of the total exportsand imports, to zero.
On January 1, 2015, thecountry further cut 1,720 tariff lines, around 18 percent of the total,to zero. Another 687 lines will be eliminated by 2018, predominantlyautomobiles and motorbikes.
The ten ASEAN membercountries generate a manufacturing and market base with over 600 millionconsumers and a gross domestic product worth more than 1.3 trillionUSD.
The region is seen as the world’s most vibranteconomy and one of Vietnam’s top four trade partners, Cao Sy Kiem,Chairman of the Vietnam Small- and Medium-Sized Enterprises Associationtold the event.
Tran Quoc Khanh, Deputy Minister ofIndustry and Trade and chief government negotiator for global economicand trade affairs, said the ASEAN is the second largest goods supplierbehind China and the third largest export market of Vietnam, trailingthe US and EU.
Vietnam has achieved the topperformance in the roadmap for a single ASEAN Economic Community (AEC),reflecting its serious efforts to deliver on regional commitments, headded.
Delving deeper into challenges once Vietnamcommences deep tariff cuts in line with several free trade agreements,Deputy Head of the Finance Ministry’s International CooperationDepartment Ha Duy Tung admitted that limited financial, technology andcorporate governance prowess has translated into weak businesscompetitiveness.
For his part, Vice Director of theCentral Institute for Economic Management (CIEM) Vo Tri Thanh calledfor FTA commitments and implementation to be aligned with Vietnam’seconomic restructuring and shifts to new growth models.-VNA
