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Thursday, July 25, 2024

Vietnam revises import tariffs under ASEAN-Korea trade agreement

By Gia Nghi

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HCMC – The Government of Vietnam has issued a decree to revise import tariffs under the ASEAN-Korea Free Trade Agreement (AKFTA) in the 2022-2027 period.

Under Decree No. 81/2024/ND-CP, goods such as live animals, meat, and meat by-products intended for consumption post-slaughter will now enjoy a zero percent AKFTA tariff.

Mineral or chemical fertilizers containing phosphates, various cosmetics and skincare products (excluding pharmaceuticals), sunscreen and sun tanning preparations, and nail care items will be subject to a 5% AKFTA tariff.

Products made from beet sugar, cane sugar, and other types of cane sugar will face an 80% AKFTA tariff.

Salt products containing more than 60% sodium chloride but less than 97% iodized salt, and other types of salt will be subject to a 50% rate.

Certain goods within groups 04.07, 17.01, 24.01, and 25.01 will have tariff quotas, with specific in-quota AKFTA tariff rates specified in the preferential import tariff schedule. Out-of-quota rates will follow the list of goods subject to special preferential tariffs.

For goods not listed under the new decree, out-of-quota import tariffs will apply according to the current export tariff schedule, preferential import tariff schedule, and relevant absolute tax, mixed tax, or out-of-quota import tax rates at the time of import.

The Ministry of Industry and Trade will oversee the annual import tariff quota list and quantities.

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