Thousands of tariffs on ASEAN importsto be cut until 2013

The Ministry of Finance has released a list of thousands of imports from ASEAN countries that will benefit from a reduction in import duties over the next five years.

The move is part of the country’s commitment to implementing an Agreement on the Common Effective Preferential Tariff (CEPT) for ASEAN countries.

Thousands of goods imported from the regional group, including artworks, antiques, furniture, optical equipment, live animals and fruit and vegetables, will be taxed at rates of between zero and 5%.

Meanwhile, import taxes on some foodstuffs will be reduced from 30 to 5% by 2013, including rice, eggs and pomeloes. Duty on meat will drop from 40% to 5% by 2013 and from 20% to 5% on sugar products.

Vehicles, motor and accessories also enjoy tariff cuts. Vehicles with 10 seats or more will have import taxes cut from 83% to 70% in the period from 2011 to 2012 and to 60% in 2013.

Specially designed vehicles will pay only 5% duty compared to the present 10%. And no tax will be applied to vehicles such as ambulances, fire-fighting vehicles and prison transport.

Accessories and parts also will benefit from a tax reduction of up to 5%,

The import tax on ASEAN region motorbikes will be reduced from 90% to 75% in 2012 and 60% in 2013.

Bicycles, terrain motorbikes and accessories will benefit from a 5% tax reduction this year.

To qualify for the reductions, all goods must be imported directly from the ASEAN countries to Viet Nam and possess certificate of origin.