December 02, 2008

Vietnamese PM orders for new import export tariffs policy

VNS reported that Mr Nguyen Tan Dung prime minister of Vietnam has ordered the Vietnam’s ministry of finance to propose to the National Assembly Standing Committee a new import export tariff structure to be applied next year.

The new tariff structure would be required to comply with the ASEAN harmonised tariff nomenclature and with the nation’s WTO commitments. Export tariffs would be structured to continuously implement the country’s target to restrict exports of unprocessed products and encourage the export of processed products.

Vietnam’s ministry of finance said that proposals would see the following changes
1. Export duties on petroleum up from the current 0%-8% to 0%-20%
2. Export duties on coal up from 0%-5% to 0%-20%
3. Export duties on mineral ores up from the current 0%- 5% to 0%-20%
4. Export duties on scrap steel would be lowered from 30%-40% to 10%-30%
5. Export duties on iron scrap would fall from 40%-50% to 10%-40%.

The ceiling import duty, meanwhile, would be reduce across the board for 94% of the country’s total import categories.