Laos tariffs cut to 50%
18-JUL-2008 Intellasia | VNA
Jul 18, 2008 - 7:00:00 AM
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Eight import items mainly food, agricultural products and engines from Laos will be imposed at 50% import tariff, Vietnam's finance ministry announced July 15.
The tariff adjustment is in the process of implementing the Common Effective Preferential Tariff (Cept) that was effective from 1992 with the goal to build a non-tariff barrier between Asean members to set up a common production facility, and the unique region market with over 500 million consumers.
Vietnam started to apply Cept from 1996 and up to the end of 2006, there have been 10,324 tariff reductions, in which over 10,000 tariffs remained at 0-5%.
According to the roadmap, until 2018, Vietnam and other members Laos, Burma and Cambodia will completely remove all tariffs on goods imported from Asean. The deadline for six founding members of Asean is 2015.
In the middle of June 2008, Vietnam's finance ministry issued a new list of tariff preferences for the period of 2008-2013 whereby thousands of import items originated Asean will be reduced down to 0-5%.
Import items subject to this tariff reduction are artistic work, antique, furniture, optical equipments and tools, and live animals and food.
As for automobiles, Complete Built Units (CBUs) imported from Asean will be imposed the tariff of 5% instead of the current 10% and below 9-seat tourism cars will suffer a gradually declining tariff from 83% at the moment down to 60% by 2013.
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