Preferential tax lists for goods imported from RoK

VGP – The Vietnamese Government has separately issued two decrees on Viet Nam’s special preferential import tax lists to implement the free trade agreement between Viet Nam and the Republic of Korea (VKFTA), and another deal between ASEAN and the RoK (AKFTA).

January 04, 2018 2:40 PM GMT+7

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Specifically, Decree No. 149/2017/ND-CP details preferential taxes of Viet Nam to implement the VKFTA in 2018-2022, and conditions for beneficiaries to enjoy the tax.

It regulates that only goods included in the list of goods applying special preferential taxes, which are imported and directly transported from the Republic of Korea (RoK) to Viet Nam, can enjoy the incentives. The goods must satisfy origin regulations stated in the agreement and have certificates of origin.

Decree No. 157/2017/ND-CP defines preferential taxes to conduct the ASEAN-RoK Trade in Goods Agreement as part of the AKFTA in 2018-2022 and conditions for applying the preferential import taxes.

Eligible goods must be named in the special preferential import list. They must be imported to Viet Nam from ASEAN-RoK Trade in Goods Agreement signatories including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, the Republic of Korea and the non-tariff zones of Viet Nam.

Imported goods must be directly transported from these countries to Viet Nam under regulations of the Ministry of Industry and Trade, while meeting requirements for origin.

The two decrees came into effect since January 1, 2018./.

By Kim Loan