New Draft Decrees to Facilitate Implementation of FTAs

Legal Centrix

9th January 2018

The Ministry of Finance recently stated that 10 draft decrees will facilitate the implementation of numerous free trade agreements (FTAs) with the eventual goal of zero percent import tariffs for many goods.

The time period for the implementation periods is 2018 to 2022 and will apply to
(1) the ASEAN free trade area
(2) FTAs between ASEAN and Australia – New Zealand, India, Japan, South Korea and China, and
(3) FTAs between Vietnam and South Korea, Japan, Chile and the Eurasian Economic Union.

As committed under the FTAs, tariffs will be further reduced during the 2018 – 2022 period.

The Vietnam – Eurasian Economic Union FTA will see over 5,000 tariffs reduced to zero and another 3,720 reduced on products such as dairy products, automobile parts, and steel. The Vietnam – Japan Economic Partnership Agreement will reduce 456 tariffs to zero on products such as sugar, machinery, steel, aluminum and vehicle parts.

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