Vietnam confirms tariff cuts for numerous products from China

By Dam Tuan   October 29, 2016 | 11:00 am PT
Vietnam confirms tariff cuts for numerous products from China
Chinese products from clothes and vegetables to machinery and vehicles can now be found easily in Vietnam. Photo by VnExpress/Hoang Ha
China, which is Vietnam's biggest trading partner, is likely to benefit from low taxes.

Goods from China are expected to come flooding in as Vietnam will soon remove or cut tariffs on a wide range of products to fulfill its commitment as a member the ASEAN-China Free Trade Area.

Vietnam has committed to eliminating 90 tariff lines by early 2018. In a new list released by the government, zero tariffs will be applicable to various meat products, vegetables, beverages, airplanes, fishing vessels, among many other products.

Then by 2020, about 475 sensitive tariff lines are to be cut to 5 percent, including those imposed on iron and steel products, rubber products, paper, cement, plastic and other industrial products as well as some types of vehicles.

In return, China has also pledged to make similar cuts for goods from Vietnam and other members of the 10-nation Southeast Asia bloc.

Experts anticipate that trade between China and Vietnam will grow significantly in the coming time.

Vietnam had a trade defiict of $21.3 billion with China in the first nine months, according to official statistics. Imports from China were $36 billion, the highest in all trading partners, with many products under zero tariff.

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