Nearly 1,000 goods items would enjoy an import tax cut of 1-6 percent in2011, according to the Ministry of Finance's Taxation PolicyDepartment.
Director of the department Vu Van Truong saidthe items would mainly include agricultural produce, seafood,construction materials and electrical appliances.
The average drop for most items would be 2-3 percent, said Truong.
The cut, part of Vietnam 's commitment to the World TradeOrganisation, was expected to benefit domestic consumers, giving them awider choice of reasonably priced imported goods, Truong said.
However, he warned that the cut would also place pressure on Vietnamesegoods that would face fierce competition from imported products.
Trade experts were also concerned about a predicted surge in thecountry's trade deficit next year in the wake of the import tax cut.
The country imported 84 billion USD worth of goods last year, up 20percent over the previous year with a trade deficit of 12.3 billion USD.
This year, the country plans on restricting the tradedeficit to 14.18 billion USD with an import value of roughly 92 billionUSD.
Last year, roughly 2,000 goods including food, animalfeed, construction materials and steel also enjoyed an import tax cutof 1-6 percent, which cost the State budget roughly 1 trillion VND(51.28 million USD)./.
Director of the department Vu Van Truong saidthe items would mainly include agricultural produce, seafood,construction materials and electrical appliances.
The average drop for most items would be 2-3 percent, said Truong.
The cut, part of Vietnam 's commitment to the World TradeOrganisation, was expected to benefit domestic consumers, giving them awider choice of reasonably priced imported goods, Truong said.
However, he warned that the cut would also place pressure on Vietnamesegoods that would face fierce competition from imported products.
Trade experts were also concerned about a predicted surge in thecountry's trade deficit next year in the wake of the import tax cut.
The country imported 84 billion USD worth of goods last year, up 20percent over the previous year with a trade deficit of 12.3 billion USD.
This year, the country plans on restricting the tradedeficit to 14.18 billion USD with an import value of roughly 92 billionUSD.
Last year, roughly 2,000 goods including food, animalfeed, construction materials and steel also enjoyed an import tax cutof 1-6 percent, which cost the State budget roughly 1 trillion VND(51.28 million USD)./.
