About 5,000 tariff lines will be cut to zero after the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) took effect on October 5, 2016, in accordance with a government decision and the Vietnam special import list 2016-2018

The tax cuts will be implemented in three phases from now to the end of 2018.

Tariff on materials for garment-textile production will be cut to zero

By the end of 2017, import taxes on 4,959 types of goods will have dropped to zero through the FTA between Vietnam and the union.

Products set to enjoy the tariff cuts include materials for production and processing such as footwear, garment-textile, seafood, electronic spare parts and products, agricultural products and steel.

In 2018, 144 more tariff lines will be eliminated, increasing the number of zero-tax lines to 5,103.

The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015, representing the first FTA signed between the EAEU and an external partner.

Source: VNA