New decree pushes trade to get in line with WTO commitments
Decision 1233/QD-TTg has set new trade targets and regulations for the 2016-20 period, concerned with reducing the current trade deficit and getting the country in line with trade commitments.
A customs officcer of Lao Cai province's Customs Department checks imported potatoes (Photo: VNA)
The Prime Minister's Decision 1233/QD-TTg, which took effect August 3, has set new trade targets and regulations for the 2016-20 period, concerned with reducing the current trade deficit and getting the country in line with trade commitments.
The goals are part of a larger project to improve import management in order to foster a more transparent and stable business climate that increases predictability and import monitoring capabilities.
Import and export companies will be expected to achieve an average annual export growth rate of 11 percent and a maximum import growth rate of 10 percent, in addition to several other changes.
On the agenda is the creation of several tax and non-tax measures that comply with commitments to the World Trade Organisation (WTO), and bilateral and multilateral free trade agreements (FTAs).
Ceiling import tariffs will be adjusted to fulfill commitments to the WTO and a tax liberalisation roadmap will be outlined. Vietnam will also intensify enforcement of Technical Barriers to Trade, and Sanitary and Phytosanitary regulations and safeguards.
To help increase imports, tariffs and duties, such as an environmental protection tax, are expected to enhance the global competitiveness of domestically produced goods.
The country will also focus attention on improving import management measures by evaluating current measures' efficacy and cut unnecessary and timely administrative procedures.
The numerous measures are needed in order to tackle the trade deficit, reported by the General Department of Customs as being 3.96 billion USD as of July 15.-VNA
Vietnam targets average export growth of 11-12 percent a year until 2020 and gradual reduction of imports to wipe out the trade deficit by then and achieve a surplus by 2030, according to its overseas market development plan.
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A customs officcer of Lao Cai province's Customs Department checks imported potatoes (Photo: VNA)
