Being the very second agreement signed between the European Union and a member of ASEAN, EVFTA is a testament to Vietnam’s growing leadership, not just in the region but also on the global scale.
The strong commitment to an open, fair and rules-based trade of the EVFTA will further widen export markets for Vietnam, especially in textile and garment, agriculture and fishery, and wood furniture, says HSBC Vietnam CEO Pham Hong Hai.
Corrosion-resistant steel and certain cold-rolled steel flat products delivered from Vietnam but originated in China are subjected to import duties up to 200 percent due to evading the U.S. anti-dumping and countervailing duty orders, according to conclusive decisions just declared by the U.S. Department of Commerce
In January 2019, Vietnamese exporters to the EU will have to self-verify the origin of their products in order to be qualified for Generalized System of Preferences (GSP), tariff preferences for developing countries.
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Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Vietnam will not only commit to open the market, remove tariff barrier, promote trade liberalization and facilitation but also promote the publicity and transparency of state management in market development.
The Vietnamese government has expressed concern over Trump’s plans, although they are unlikely to have a major direct impact on Vietnam’s economy. The US accounts for 11.1% of Vietnam’s steel exports, but steel accounts for less than 2% of Vietnam’s total export portfolio.
Prices of Honda Vietnam’s 2,000 automobiles recently imported from Thailand have been announced to be thousand dollars lower than those of the previous shipments as the import tariff on automobiles has been reduced to zero per cent.
Due to insufficient information on the imported cars provided by customs departments, Director General of Vietnam Customs Nguyen Van Can has requested the functional bodies under Vietnam Customs and the local customs departments once a week to publicize the information such as price, quantity, type of automobiles imported into Vietnam since 2018.
The Government’s Decree No. 116/2017/ND-CP which came in full force and effect on January 01, 2018, is viewed as a “new barrier" to protect domestic automobile industry from the automobiles imported from ASEAN entitled to a zero per cent tariff, according to automobile importers and exporters.
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The Vietnam Chamber of Commerce and Industry (VCCI) says the elimination of personal income tax audit may lead to tax avoidance.
The auto market in Viet Nam is becoming more competitive when car firms drop prices to promote consumption in the context of ASEAN’s new tariff cut and the government’s tax policy changes.
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