Import tax rates to be reduced for improvement of trade environment
Most Favored Nation import tax rates are to be reduced under a proposal from the Ministry of Finance as Vietnam seeks to enhance its trading environment.
New preferential import tax rates take effect from March 31
Notable adjustments include a reduction in the preferential import tax rate for automobiles under HS codes 8703.23.63 and 8703.23.57, from 64% to 50%.
US exempts import taxes on solar panels from Vietnam
On June 6, the US announced a 24-month import tax exemption for solar panels manufactured in Vietnam, Thailand, Cambodia, and Malaysia. The US Department of Commerce had suspected that solar panels of Chinese origin were being “disguised” as manufactured in the four Southeast Asian countries to evade US import taxes, so began an investigation.
Tax on imported wheat and corn to be cut to help livestock industry
To support the development of the domestic livestock industry, especially in the context of Covid-19, the Ministry of Finance has proposed cutting the preferential import tax rate on wheat and corn, which account for a high proportion the ingredients in animal feed, to 3 per cent.