Many Korean goods to be exempted from tax in Vietnam
Many goods imported from the Republic of Korea (RoK) into Vietnam will be exempted from import taxes in 2018, due to the Vietnam-Korea Free Trade Agreement (VKFTA).
Korean goods are displayed in Vietnamese supermarkets. (Photo foody.vn)
Hanoi (VNA) - Many goods imported from the Republic of Korea (RoK)into Vietnam will be exempted from import taxes in 2018, due to the Vietnam-KoreaFree Trade Agreement (VKFTA).
The Government recently issued Decree No149/2017/NĐ-CP, which regulates a newspecial preferential import tariff, as agreed upon in the VKFTA, and to be putin place between 2018 and 2022.
Under the decree, import taxes imposed on 704 types of products imported fromthe RoK to Vietnam, will be eliminated in 2018.
The groups of commodities that will enjoy tax exemptions this year are mainlyin seafood, wheat flour, confectionery, diesel fuel, jet fuel, paint, laundrydetergent, plastic, iron and steel products, power machinery and equipment, andelectronic products.
In 2018, an additional 653 products imported from the RoK will also have theirtax rates lowered from last year.
The preferential tax rates will be applied to commodities directly transportedfrom the RoK to Vietnam. The goods must also meet origin regulations, as statedin the agreement, and exporters must provide certificates of origin in a formstipulated by the Vietnamese Ministry of Industry and Trade.
In 2018, Vietnam has set several new preferential import tariffs to implementbilateral and multilateral FTAs with partner countries and territories, such asmainland China, Hong Kong, Japan, and the RoK.
Under the Vietnam-Japan Economic Partnership Agreement (VJEPA) and theASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP) for 2016-19,nearly 4,000 import tariff lines for many groups of commodities imported fromJapan will be also eliminated in 2018. -VNA
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Korean goods are displayed in Vietnamese supermarkets. (Photo foody.vn) 
