Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Vietnam News  >>Commodities  >> No ASEAN goods surge with tariff cuts
NEW UPDATES Asean Affairs  17 November 2014  





No ASEAN goods surge with tariff cuts

The reduction of tariffs under the ASEAN Trade in Goods Agreement (ATIGA) next year won't lead to a surge in ASEAN goods to Viet Nam, an official of the Ministry of Finance said.

Beginning January 1, 2015, Viet Nam will further cut 1,720 tariff lines from 5 per cent to zero under the ATIGA. About 7 per cent of tariff lines, or 600 items, are considered too sensitive to be cut to zero next year.

Nguyen Thi Bich, head of the Ministry of Finance's International Cooperation Department, said the tax cut on commodities such as steel, automobiles, and auto components would apply in 2018.

Petrol and tobacco companies have been negotiating for a tariff reduction after 2018, reported Tuoi Tre (Youth) newspaper.

Meanwhile, Viet Nam had been negotiating for the retention of the 5 per cent tax on especially-sensitive agricultural goods such as salt, sugar, chicken and eggs, as well as pork, and tropical fruits such as oranges, Bich revealed.

She expressed the belief that ASEAN goods would not flood the domestic market in spite of the tariff reductions because the nation had been following a schedule for a step-by-step cutting of tariffs under the ASEAN free trade agreement since 1999.

For instance, from 2012 to 2014, Viet Nam cut 7,000 tariff lines to zero and 2,000 tariff lines to 5 per cent.

Before 2011, Viet Nam's trade deficit with ASEAN reached US$5 billion to $7 billion each year, but this had been declining since 2012 and now stood at $3 billion per year, Bich noted.

The item with the largest trade deficit was petrol because Viet Nam exported crude oil worth $1.6 billion per year to ASEAN while it imported petrol and oil products worth $4.6 billion per year from other ASEAN countries.

Meanwhile, numerous domestic goods could compete with similar products made in other ASEAN countries, including computer and electronic products, electronic components and plastic products.

In the past three years, Vietnamese exports to ASEAN increased sharply mainly because of foreign direct investment enterprises, most of whom reduced imports from ASEAN.



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                            November 17, 2014 Subsribe Now !
• International agriculture trade fair opens in Ha Noi  Subcribe: Asean Affairs Global Magazine
• No ASEAN goods surge with tariff cuts
• Thailand to sell rice, rubber to China
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Everyone in Malaysia should support government in role as Asean chairman - Najib
• Indonesia to show export potential at Brunei fair
Asean Analysis                    November 14, 2014

• Asean Analysis November 14, 2014
Malaysia Steps into Spotlight as ASEAN and East Asia Summit Chair
Advertise Your Brand

Asean Stock Watch    November 14, 2014
• Asean Stock Watch-November 14 , 2014
The Biweekly Update
• The Biweekly Update  November 14, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com