Further implementation of tariff commitments under the framework of FTAs
The Ministry of Finance of Vietnam issued two Circulars providing guidance to implement the special preferential tariff in accordance with the roadmap of tariff reduction for two FTAs. The two Circulars come into effect on 01 April 2015.
Circular No. 24/2015/TT-BTC dated 14 February 2015 issued the Special Preferential Import Tariff to implement the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) agreement for the period of 2015-2019. As of 01 April 2015, 2,874 tax lines (approximately 30% of total tax lines) will be applied with 0% tax rate and 413 lines will maintain the current MFN rate.
Circular no. 25/2015/TT-BTC dated 14 February 2015 issued the Special Preferential Import Tariff to implement the Viet Nam – Japan Economic Partnership Agreement (VJEPA) for the period of 2015-2019. As of 01 April 2015, 3,234 tax lines (equivalent to 33.8% of total tax lines) will be applied with 0% tax rate and 354 lines will maintain current MFN rate. The items enjoying 0% tax rate from 01 April 2015 include: plastic materials, chemicals, machinery, tools, spare parts, computers, electronic products and components, yarns, textile materials, leather, pharmaceutical products…
In order to be applied with special import tariff in accordance with AJCEP and VJEPA, imported goods must satisfy the requirements of origin issued by the Ministry of Industry and Trade and belong to the list of countries enjoying preference in the Circulars.