Hanoi (VNA) - The Ministry ofFinance has held a meeting to introduce changes in the list of Vietnam’s exportand import goods as per Circular No 65/2017/TT-BTC.

The new circular will take effect fromJanuary 1 next year.

At the recent meeting, Dao Thu Huong,Deputy General Director of the General Department of Customs, said that thechange focuses on a number of industries including automobile, fishery,chemicals, porcelain tiles, machinery and equipment.

The industries have had technological andcommercial development so they need to have an enhancement in State managementof the environment and toxic chemicals, Huong said.

Notable changes have been made in theautomobile sector with an addition of new subdivisions such as electric cars,electric vehicles, gasoline-electric or oil-electric hybrid vehicles.

The machinery and equipment sector is alsoadded new codes reflecting new technologies such as LED diodes ormulti-component integrated circuit (MCO) products.

The fishery industry details the names ofsome types of fish, molluscs that have high trade turnover or supplements thescientific names of fish and fish by-products to facilitate the Statemanagement.

Circular No 65 also introduces a draftdecree to replace Decree 122/2016/NN-CP on export and import tariffs, underwhich it proposes two import tax reduction options on automobile components.

In the first option, the ministry proposesto reduce the most favoured nation (MFN) import tax rate of 163 tariff linesfor imported cars to be assembled for two groups of vehicles to zero percent.Accordingly, the average duty rate for whole sets will be cut from 14-16 percentto about 7 percent for cars under nine seats and about 1 percent for trucksunder 5 tonnes.

In the second option, the MFN import taxrate of 19 tariff lines for engines, gearboxes, actuators and high pressurepumps to be assembled for two groups of vehicles will be exempted.

The import tax rate of 42 tariff linesunder Group 8708 for components assembled for the two groups of vehicles abovewill be cut so that the average duty rate for whole sets will be cut from 14-16percent to about 7 percent for cars under nine seats and about 1 percent fortrucks under 5 tonnes.

According to Huong, the tax adjustment aimsto harmonise the interests of the State, enterprises and consumers besidesmaintaining the stable growth rate of production and assembly for vehiclesunder nine seats and trucks. – VNA