WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / Opportunities
Tariffs cut for Japanese imports
VNA/Hanoitimes 16:01, 2016/09/25
Vietnam’s new import tariff, part of the Vietnam-Japan Economic Partnership Agreement (VJEPA) for 2016-19, has come into force.
Decree No 125/2016/NĐ-CP, which was issued on September 1 and came into effect the same day, states that the tariff is to be applied for goods directly transported from Japan into Vietnam.
Accordingly, the duty for lip and eye make-up products of Japanese exporters will fall from 11% to 4% by the end of March 2019.
The duty will decline from 4-7% to 1-3% for shampoo and from 8-15% to 3-11% for toothpaste.
Tax rates for clothes and accessories for children will be cut from 5.5% to 2% and the rates for blanket, bedspreads and table covers will decline to 1% from 3%.
Several goods such as vitamin, weed killers and emergency aid toolkits will continue to enjoy a zero% import tax rate.
Illustrative image
Illustrative image
Special treatment is also given to Vietnam, in case goods listed under the tariff are imported from non-tariff zones into the domestic market.
Goods must also meet origin regulations, as stated in the agreement, and exporters are to have certificates of origin, in a form stipulated by the Ministry of Industry and Trade.
VJEPA was the first bilateral free trade agreement that Vietnam entered into after the country joined the World Trade Organisation in January 2007.
The agreement covers comprehensive contents, including trade in goods and services, investment and improvement of the business environment.
When VJEPA came into effect in October 2009, Vietnam committed to eliminate some 90.6% of tariff lines for Japan within 16 years, while Japan pledged to eliminate some 94% of tariff lines for Vietnam within 10 years.
Kyohei Takahashi, president of the Japan-Vietnam Economic Committee, said while its working group met Vietnam’s senior leaders in Hanoi late last month that trade between the two countries had quadrupled since the agreement came into effect.
Among ASEAN member countries, Japan had poured the largest amount of investment into Vietnam, he added.
Earlier this year, a survey conducted by the Japan Business Federation, or Keidanren, showed that Vietnam topped the list of countries where Japanese firms intend to invest in the next five to 10 years.
Decrees carrying new tariffs for several other trade deals, including the ASEAN Trade in Goods Agreement and an agreement between Vietnam and Laos, have also come into force this month.
New tariffs for ASEAN-India, ASEAN-Australia-New Zealand, ASEAN-China and ASEAN-South Korea trade deals are also available.
 
Other news
15:12, 2024/11/14
North-South high-speed railway to open up new economic opportunities
The government proposes a design speed of 350 km/h for the railway to ensure a modern, integrated, and forward-looking infrastructure appropriate to Vietnam’s geographical and economic conditions.
17:25, 2024/11/07
Prime Minister calls on China to pilot border economic cooperation zone
This economic cooperation zone is an initiative proposed by China and has been under negotiation with several countries, including Vietnam, since 2007.
17:29, 2024/07/23
State-owned corporations set to pilot offshore wind power projects
Private and foreign investors are currently not being considered for pilot projects due to unresolved legal and security issues.
06:12, 2024/07/17
AIIB ready to fund Hanoi’s urban railway projects
Hanoi expects the AIIB to assist with planning, implementation methods, and financing strategies to rapidly deploy metro projects.
15:33, 2024/07/02
S.Korea’s industrial conglomerates to expand investment activities in Vietnam
Prime Minister Pham Minh Chinh welcomed the proposals, which are consistent with Vietnam’s green growth strategy.
11:29, 2024/05/08
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.