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Import duties cut under ASEAN-ANZ trade pact

Update: December, 03/2009 - 00:00

Import duties cut under ASEAN-ANZ trade pact

(04-12-2009)

HA NOI — Thousands of items imported from Australia, New Zealand and a number of ASEAN countries to Viet Nam will enjoy tax incentives under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) in the 2010-12 period, according to the Ministry of Finance (MoF).

Under a newly-issued MoF special preferential import tariff, commodities from Australia, New Zealand, Brunei, Myanmar and Singapore shipped directly to Viet Nam will get the tax preference provided that they satisfy the MoF’s origin regulations.

AANZFTA tariffs on poultry are 5 per cent, fresh and frozen buffalo and beef 10-15 per cent; fresh and frozen pork 20-25 per cent; poultry products 10-20 per cent; fish 20-30 per cent; milk 7-25 per cent; flowers 25-35 per cent; and cigarettes 100 per cent.

Almost all imported commodities will have tariffs gradually reduced between 2010 and 2012. For example, tariffs on powdered milk without sugar and other sweeteners will be lowered from 10 per cent in 2010 and 2011 to 7 per cent in 2012.

No change on cigarettes

Tariffs on cigarettes will remain stable during the implementation of the special preferential tariffs.

The new tariffs will take effect since January 1 next year.

Australia and New Zealand have so far also cut import tariffs on 85 per cent and 96.4 per cent, respectively, of Vietnamese good items including textiles, fabric and minerals since April this year.

With last year’s trade turnover of US$5.6 billion, Viet Nam currently ranks the eighth among Australia’s trade partners in the ASEAN bloc.

Bilateral trade between the two countries has also grown 22 per cent on average for the past five years.

Two-way trade between Viet Nam and New Zealand also reached more than $300 million last year. — VNS

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