In a bid to be official member of the World Trade Organisation, Vietnamese Government has decided to ease import duty by 30 percent, informed Nguyen Thi Bich, head of the International Cooperation Department under the Finance Ministry.
This proposed reduction will be implemented in next five years and will cover 10,600 commodities such as garment and textiles, machinery, electrical appliances etc, Nguyen stated.
Other Free trade agreements such as Common Effective Preferential Tariff (CEPT), the ASEAN Free Trade Area (AFTA) and the Free Trade Agreements between the Association of Southeast Asian Nations (ASEAN), China and the Republic of Korea, have impelled the Vietnam to reduce some import taxes for these partners by 2015 as they have cut Vietnam's import tax.
Reduction in import duties and conforming international regulations with transparent policies are prerequisites to become WTO member and any Free Trade Agreement, Bich stated.
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