Vietnam Japan Economic Partnership Agreement (VJEPA)

Vietnam Japan Economic Partnership Agreement (VJEPA) 02/12/2015 02:43:00 1762

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Vietnam Japan Economic Partnership Agreement (VJEPA)

The Vietnam-Japan Economic Partnership Agreement (VJEPA) was signed on December 25, 2008 and has been effective since October 1, 2009. Its comprehensive content includes many areas including: trade in goods, trade in services, investment, and improvement of the business environment and movement of natural persons. Accordingly, in the last year of the tax reduction roadmap (in 2026), which is after 16 year implementation of this Agreement, Vietnam has committed to eliminating 90.64% of the tariff lines and by the time the Agreement was effective, 29.14% of the tariff lines has been immediately deleted. The remaining ones are for CKD cars and other sensitive lines, which maintain the basic tariffs or do not reduce, accounting for 9% on the groups including: alcohol tobacco, some chemical products, explosives, rubber, cotton and steel…

The Ministry of Finance issued the Circular No. 25/2015TT-BTC on February 14, 2015 promulgating the special preferential tariff that Vietnam imposes on imports to adhere to Vietnam - Japan Economic Partnership Agreement for the period 2015-2018. Accordingly, Vietnam has committed to eliminating 32.92% of the tariff headings as in the VJEPA by the time of April 1, 2015. Up to April 1, 2018, the number of tariff lines which reduce to the rate of 0% will occupy about 41.78% of the whole tariff chart.

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