VN to cut taxes to Japanese goods to zero

16:00 | 31/03/2015

VGP – Thousands of goods imported from Japan will enjoy a 0% tariff beginning April 1, according to the Ministry of Finance (MOF).

 Shoppers are seen at a Japanese supermarket

Viet Nam will reduce the tariffs for 3,234 classes of imports to 0%, in implementing the Viet Nam-Japan economic partnership agreement for the 2015-2019 period.

The beneficiaries of the 0 tariff are material, machinery, equipment, spare parts, computers, electronics products and raw materials for footwear, textile, garment production, and accessories, footwear and pharmaceuticals.

The products must be imported directly from Japan to Viet Nam and meet the rules of origin as stated in the Japan-Viet Nam Economic Partnership Agreement.

Besides, 354 products outside the preferential tariff policy will be taxed under the current Most Favoured Nation (MFN) level.

Also as from April 1, 2,874 products from Japan (30 % of the total tax lines) will be subject to the 0% tariff under the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) from 2015-2019, according to the MoF’s Circular No 25/2015/TT-BTC.

Viet Nam and Japan closed the economic partnership agreement in December 2008, according to the Vietnamese finance ministry. The trade pact was approved by the Vietnamese government in April 2009.

                                                                                                                  By Vien Nhu