HANOI, Mar 16 (VNA): Vietnam will slash tariffs for about 10,000 imported products from ASEAN nations by 2013, according to a recent decision by the Ministry of Finance.
The ministry has compiled a list of goods that will enjoy preferential tariffs (from 0-5 per cent) over the next eight years under the regional Common Effective Preferential Tariff (CEPT) trade agreement.
Of the 10,000 products eligible for the tax-cut plan, a majority will see some reductions by this year. Rice and foodstuffs, which are now subject to rates as high as 50 per cent, will also see cuts down to 5 per cent.
Import tax rates on vans, pick-up trucks and similar vehicles imported as CBU (complete built units) and CKD (complete knocked down) products will see 20 per cent tariffs during 2006-07, 10 per cent in 2008 and 5 per cent in 2009.