Govt clarifies preferential tax lists for goods imported from RoK
Government clarifies preferential tax lists for goods imported from RoK
The Government has issued two decrees on Vietnam’s special preferential import tax lists as part of efforts to implement the free trade agreement between Vietnam and the Republic of Korea (VKFTA), and another deal between ASEAN and the RoK (AKFTA).
Workers at a manufacturing chain inside an LG Electronics Vietnam's production plant in Hai Phong (Photo: VNA)
Hanoi (VNA) – The Government has issued two decrees on Vietnam’sspecial preferential import tax lists as part of efforts to implement the freetrade agreement between Vietnam and the Republic of Korea (VKFTA), and anotherdeal between ASEAN and the RoK (AKFTA).
Decree No. 149/2017/ND-CP details preferential taxes of Vietnam toimplement the VKFTA in 2018-2022, and conditions for beneficiaries to enjoy thetax.
It specifies that only goods included in the list of goods applyingspecial preferential taxes, which are imported and directly transported from theRepublic of Korea (RoK) to Vietnam, can enjoy the incentives. The goods must satisfy origin regulationsstated in the agreement and have certificates of origin.
Meanwhile, Decree No. 157/2017/ND-CP defines preferential taxes toconduct the ASEAN-RoK Trade in Goods Agreement as part of the AKFTA in2018-2022 and conditions for applying the preferential import taxes.
Under the document, eligible goods must be named in the specialpreferential import list. They must be imported to Vietnam from ASEAN-RoK Tradein Goods Agreement signatories including Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, the Philippines, Singapore, Thailand, the Republic of Koreaand the non-tariff zones of Vietnam.
They must be directly transported from these countries to Vietnam underregulations of the Ministry of Industry and Trade, while meeting requirements fororigin.
The two decrees became effective on January 1, 2018.-VNA
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Workers at a manufacturing chain inside an LG Electronics Vietnam's production plant in Hai Phong (Photo: VNA) 
