Vietnam Speeds up Tariff Reform
HANOI, Aug 9 Asia Pulse - With the 2006 deadline for slashing tariffs under ASEAN Free Trade Area (AFTA) approaching, Vietnam is set to include 760 commodities in the Common Effective Preferential Tariff regime next year.
These items will be transferred from the Temporary Exclusion List to the Inclusion List.
Under a programme to accelerate AFTA accession, the country will include 80 per cent of all goods in the Inclusion List with tariffs of 0-5 per cent by 2003 as against the current target of 65 per cent by 2006.
It has so far transferred 5,550 of 6,400 items to the Inclusion List. Under the terms of the agreement, Vietnam is scheduled to apply tariffs of 0-5 per cent within 10 years from January 1, 1996, and zero per cent on all items by 2015. The Ministry of Trade has said that the Government will accelerate the process of economic reform by dissolving the unprofitable among 5,650 State-owned enterprises.
Six ASEAN members have already begun applying 0-5 per cent tariffs on almost all goods imported from within the region.
