TPP Member States Promise Vietnam'S Zero Tariff Policy And Vietnam'S Open Market

After the official release of the English version of the p Pacific Partnership Agreement (TPP) in the afternoon of November 5th, the Ministry of finance of Vietnam has announced the commitments made by TPP member countries to Vietnam and Vietnam to TPP member states.

The Ministry of Finance said recently that the TPP member states have made a commitment that zero tariff treatment will be applied to Vietnam's 78% to 95% tariff products after the entry into force of the p Pacific Partnership Agreement, and Vietnam will also impose zero tariff treatment on the 65% tax items of TPP member countries.

In the field of customs, TPP put forward the provisions on the simplification and coordination of the customs service system to create the most convenient conditions for the import and export enterprises.

For example, the express delivery service, the import and export commodity risk management mechanism and so on.

In addition, TPP has also put forward the requirement for self certification of origin.

Accordingly, the import and export enterprises no longer need to produce the certificate of origin to the customs authorities, and they can declare the origin of the goods themselves.

As for financial services, commitments on insurance and securities will help promote the development of Vietnam's financial services.

Commitments on financial services include: further

To enhance pparency and investment protection in financial markets and allow careful exceptions and regulations.

According to the Ministry of finance of Vietnam, after the entry into force of TPP, tariffs on taxable products from 78% to 95% in Vietnam immediately dropped to zero.

The tariff of the rest of the other items will be gradually reduced to zero in line with the road map after 5 to 10 years, except for sensitive goods with tariff quotas.

As a result, many of the main products of Vietnam will enjoy 0% tariff preferences within 3 to 5 years after the implementation of TPP or after TPP implementation, such as agricultural products and aquatic products.

,

Wood products, electrical and electronic products, rubber and so on.

In the financial field, Vietnam has made commitments to TPP member countries on import tariffs, export tariffs, financial services and customs.

As for import tariffs, Vietnam has committed to adopt uniform tariffs on TPP member states. After the TPP takes effect, it will impose zero tariff treatment on 65% taxable products, and 10 years after TPP takes effect, it will impose zero tariffs on 98% taxable products.

The rest of the taxable products will be gradually reduced to zero after adopting the tariff quota or more than 10 years after the implementation of TPP.

After the entry into force of TPP, Vietnam promised to Member States to revoke export tariffs on large quantities of goods that have been implemented for 5-15 years.

However, some important export goods still pay export duties.