Vietnam, scheduled to become a WTO
member today, will lower the average import tax of all tariff lines from the current 17.4 percent to 13.4 percent over the coming 5-7 years.
Products getting the biggest tax reductions include garments, textiles, fishes and related products, wood, paper, some types of manufactured goods, machines, and electrical and electronic equipment.
Eggs, which are not one of the products getting tariff cuts, will maintain their current tariff of 40 percent. If import volumes exceed the quota, tariffs will be higher. Sugar, tobacco and salt will also keep their current quotas and tariffs.
The average import tariff levied on farm produce is to decrease from the current 23.5 percent to 20.9 percent within five years.
Vietnam has pledged to abolish agricultural export subsidies.
The WTO’s General Council will formally approve the accession terms for Vietnam today, and the country will officially become the organisation’s 150th member 30 days after the National Assembly approves the accession agreement.