VietNamNet Bridge - The Ministry of Finance has released a list of thousands of imports from ASEAN countries that will benefit from a reduction in import duties over the next five years.



Thousands of goods imported from the regional group, including artworks, antiques, furniture, optical equipment, live animals and fruit and vegetables, will be taxed at rates of between zero and 5 percent.

Meanwhile, import taxes on some foodstuffs will be reduced from 30 to 5 percent by 2013, including rice, eggs and pomeloes. Duty on meat will drop from 40 percent to 5 percent by 2013 and from 20 percent to 5 percent on sugar products.

Vehicles, motor and accessories also enjoy tariff cuts. Vehicles with 10 seats or more will have import taxes cut from 83 percent to 70 percent in the period from 2011 to 2012 and to 60 percent in 2013.

Specially designed vehicles will pay only 5 percent duty compared to the present 10 percent. And no tax will be applied to vehicles such as ambulances, fire-fighting vehicles and prison transport.

Accessories and parts also will benefit from a tax reduction of up to 5 percent,

The import tax on ASEAN region motorbikes will be reduced from 90 percent to 75 percent in 2012 and 60 percent in 2013.

Bicycles, terrain motorbikes and accessories will benefit from a 5 percent tax reduction this year.
To qualify for the reductions, all goods must be imported directly from the ASEAN countries to Vietnam and possess certificate of origin.

The move is part of the country’s commitment to implementing an Agreement on the Common Effective Preferential Tariff (CEPT) for ASEAN countries.

(Source: VNA)