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VN lops tariffs on road to integration

The Ministry of Finance (MoF) has announced plans to remove import tariffs for 37 products and reduce tax rates for 53 other imports in order to comply with its commitments to international integration.

Among items subject to tariff exemptions are wheat flour, various types of PVC, telephone transmission facilities, televisions and all types of cameras. Tariffs for items such as hand-phones, internet installations and satellite dishes will be cut from rates as high as 30 per cent to about 5 per cent.

This is one of a series of massive tariff cuts taken by Viet Nam this year in its efforts to join the World Trade Organisation by 2005 and its commitments to comply with ASEAN Free Trade Area (AFTA) regulations by 2006.

Under AFTA, ASEAN members must follow cut most of their tariffs to between zero and 5 per cent. The deadline for other members to acheive this goal was January 1, 2003, but as a new member Viet Nam’s granted a deadline of 2006, according to the MoF. Viet Nam has begun cutting its tariffs since January 1, 1996.

VNS - (22/10/2004)

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