The Government has issued two decrees on Vietnam's special preferential import tax lists as part of efforts to implement the free trade agreement between Vietnam and the Republic of Korea (VKFTA), and another deal between ASEAN and the RoK (AKFTA).
The Government has issued two decrees on Vietnam’s special preferential import tax lists as part of efforts to implement the free trade agreement between Vietnam and the Republic of Korea (VKFTA), and another deal between ASEAN and the RoK (AKFTA).
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| Production in the RoK-invested LG Electronics Vietnam in Hai Phong city (Photo: VNA) |
Decree No. 149/2017/ND-CP details preferential taxes of Vietnam to implement the VKFTA in 2018-2022, and conditions for beneficiaries to enjoy the tax.
It specifies that only goods included in the list of goods applying special preferential taxes, which are imported and directly transported from the Republic of Korea (RoK) to Vietnam, can enjoy the incentives. The goods must satisfy origin regulations stated in the agreement and have certificates of origin.
Meanwhile, Decree No. 157/2017/ND-CP defines preferential taxes to conduct the ASEAN-RoK Trade in Goods Agreement as part of the AKFTA in 2018-2022 and conditions for applying the preferential import taxes.
Under the document, eligible goods must be named in the special preferential import list. They must be imported to Vietnam from ASEAN-RoK Trade in Goods Agreement signatories including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, the Republic of Korea and the non-tariff zones of Vietnam.
They must be directly transported from these countries to Vietnam under regulations of the Ministry of Industry and Trade, while meeting requirements for origin.
The two decrees became effective on January 1, 2018.
(Source: VNA)
