VN cuts 1,800 tax lines under WTO commitments
VGP – Việt Nam has cut or lowered 1,800 tax lines under the World Trade Organization’s (WTO) commitments after just two years as a full member, reported the Ministry of Finance.
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Việt Nam's financial commitments in the WTO have been strictly observed on schedule and in line with the national economic reform, resulting in positive economic outcomes, stated Mr. Trần Xuân Hà, Deputy Finance Minister, in a recent interview.
Thanks to the opened domestic market and lowered tariff and non-tariff barriers imposed on machines and raw materials, domestic consumers and businesses have wider access to high-quality products at reasonable prices, so that technology transfer and the improvement of productivity and economic competitiveness have been speeded up.
However, Việt Nam also has coped with pressures from global competitiveness, free flows of capital, and increasing number of financial services.
Apart from cutting the committed tariffs, export and import tax rates were also adjusted, laying the legal foundation for the implementation of Việt Nam's WTO commitments in the next 5-7 years./.
By Kim Loan
