TPP Takes Effect: Vietnam Will Abolish 65% Import Duties And Stimulate Foreign Trade.

According to the Ministry of finance of Vietnam, the TPP agreement has a number of financial commitments, including import and export tariffs, financial services and customs related commitments.

Regarding the import tariff part, Vietnam will submit the same tariff reduction commitment to all Member States of TPP. After the effective implementation of TPP, more than 65% of the import duties will be abolished, and 98% will be abolished in 10 years. The rest of the goods will have a tariff concession period of 10 years or a tariff quota applicable.

Vietnam pledged to cancel import tariffs immediately after the implementation of the TPP agreement, including live animals, feedstuffs, some dairy products, grains, rice, leather and leather products, rubber and rubber products, plastics, pharmaceuticals, pesticides, chemical raw materials, minerals, some paper, textile and garment materials.

, all kinds of cotton cloth,

Fertilizer, perfume, cosmetics, machinery and equipment, indoor furniture, wood and wood products, musical instruments, iron and steel products, electronic parts, etc.

In terms of customs clearance, the TPP agreement also proposes simplification and harmonization of customs formalities, which provides the most convenient conditions for importers and exporters, including the procedures for the delivery of goods, pre determination requirements, origin certification mechanism, origin supervision mechanism, import and export commodity risk management system, and the time of customs clearance.

In addition, the TPP agreement also stipulates the origin certification mechanism in checking and identifying the origin of import and export commodities.

Accordingly, the manufacturer can declare the origin of his product by himself (according to the current regulations, the manufacturer shall submit the certificate of origin to the customs unit for the issuance of the certificate of origin issued by the competent authority of the exporting country).

In terms of financial services, its commitments include the commitment to expand market liberalization and pparency system (investment project management services, financial information flow and provision, additional securities services, enhanced pparency), investment protection (effective and clear dispute resolution mechanism), permissible exception cases.

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Fourth years after the effective implementation of the import tariff, the products included cookies, sweets, tea and coffee, sweet corn, clocks, household goods, sewing machines, generators, decorations, building materials, milk, machinery, plastic and plastic products, electronic products, etc.

In the sixth years after the effective implementation of TPP, the import tariff items include vegetable oil, fruit and vegetable products, and some rubber products.

In the eighth years after the effective implementation of TPP, the import tariff items include bicycles, locomotives and other components, auto parts, biscuits, sweets, aquatic products, animal and vegetable fat, fruits and vegetables, steel, bicycles, special vehicles and so on.

In the tenth, eleventh years after the effective implementation of TPP, the import tariff items include various kinds of meat, beer and liquor, sugar, eggs, salt, oil, automobile, steel, automobile parts, steel embryos, tires and so on.

On the part of the export tax, Vietnam has committed to cancel export tariffs on most of the products currently being applied for export duties within 5 to 15 years after the effective implementation of TPP.

Export duties are still maintained in a number of important products.