May 27, 2017 17:01

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Nearly 5,000 tariff lines to go down to zero under Vietnam-EAEU FTA

21:09 | 04/07/2016

Import tax on 4 959 types of goods from the Eurasian Economic Union EAEU countries will be reduced to zero immediately when the free trade agreement FTA between Vietnam and the union takes effect this year.

The tax removal is part of the roadmap for tax reduction for 2016-2018 under the FTA.

In 2018, 144 more tariff lines will be eliminated, increasing the number of zero-tax lines to 5,103, or 54% of the total.

nearly 5000 tariff lines to go down to zero under vietnam eaeu fta
 

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

The agreement will abolish 90% of tax lines, equivalent to 90% of bilateral trade turnover.

nearly 5000 tariff lines to go down to zero under vietnam eaeu fta Vietnam-Eurasion free trade agreement set to come into force

Russia's ambassador to Vietnam said entrepreneurs will be able to tap into Vietnam's market potential.

The deal is expected to increase trade revenue between Vietnam and the EAEU to US$10 billion in 2020 from the current yearly average of US$4 billion.

Source: Vietnam News