Which goods are eligible for special preferential import tax rates under the Vietnam - Korea Free Trade Agreement for the period 2022 - 2027?
- What is Vietnam's special preferential import tariff to implement the Vietnam-Korea Free Trade Agreement for the period of 2022–2027?
- Which goods are eligible for special preferential import tax rates under the Vietnam-Korea Free Trade Agreement for the period 2022–2027?
- Vietnam: What is the guideline for reading the special preferential import tariff?
What is Vietnam's special preferential import tariff to implement the Vietnam-Korea Free Trade Agreement for the period of 2022–2027?
Recently, the government issued Decree 125/2022/ND-CP stipulating the special preferential import tax rates of Vietnam to implement the Vietnam-Korea Free Trade Agreement in the period of 2022–2027 and the conditions for enjoying special preferential import tax rates under the Agreement.
Accordingly, Vietnam's special preferential import tariff schedule for the implementation of the Vietnam-Korea Free Trade Agreement is issued together with Decree 125/2022/ND-CP as follows:
See the full preferential import tariff here.
Which goods are eligible for special preferential import tax rates under the Vietnam-Korea Free Trade Agreement for the period 2022 - 2027?
Which goods are eligible for special preferential import tax rates under the Vietnam-Korea Free Trade Agreement for the period 2022–2027?
Pursuant to Article 4 of Decree 125/2022/ND-CP, Article 5 of Decree 125/2022/ND-CP, and Article 6 of Decree 125/2022/ND-CP, as follows:
- For imported goods:
Imported goods eligible for the VKFTA tax rate must fully satisfy the following conditions:
- Belong to the special preferential import tariff promulgated together with this decree.
- Be imported from Korea to Vietnam.
- Meet the regulations on origin of goods (including regulations on direct transportation), have a Certificate of Origin (C/O) form KV or have a certificate of origin of goods, in accordance with the provisions of the Vietnam - Korea Free Trade Agreement and the current provisions of law.
- Goods from the free trade zone of Vietnam:
- Belong to the special preferential import tariff promulgated together with this decree.
- Have a Certificate of Origin (C/O) form VK or a document certifying the origin of goods, in accordance with the provisions of the Vietnam - Korea Free Trade Agreement and current regulations of law. the law.
- Goods manufactured in Khai Thanh Industrial Park in the territory of the Democratic People's Republic of Korea
- Goods manufactured in Khai Thanh Industrial Park in the territory of the Democratic People's Republic of Korea (GIC goods) to be subject to the VKFTA tax rate in Vietnam must fully satisfy the following conditions:
- Belong to goods with the symbol "GIC" shown in the column "GIC" of the Tariff attached to this Decree.
- Be imported from Korea to Vietnam.
- Meet the regulations on origin of goods according to Article 3.5, Chapter 3 on Rules of Origin and Origin Granting Process under the Vietnam - Korea Free Trade Agreement, regulations on direct transportation, Certificate of Origin (C/O) form KV or proof of origin, in accordance with the provisions of the Vietnam - Korea Free Trade Agreement and current regulations of law.
Vietnam: What is the guideline for reading the special preferential import tariff?
Pursuant to Article 3 of Decree 125/2022/ND-CP, it stipulates as follows:
- The columns "Item code" and "Description of Goods" in the Special Preferential Import Tariff attached to this Decree are built on the basis of the list of Vietnam's exports and imports and their details. according to the 8-digit or 10-digit code level.
- In case the List of Vietnam's exports and imports is amended or supplemented, the customs declarant shall declare the description and code of the goods according to the revised, supplemented list of imported and exported goods. Apply the tax rates of the amended and supplemented goods codes specified in the Special Preferential Import Tariff promulgated together with this Decree.
- Column "VKFTA Tax Rate (%)": Tax rates applied to different periods, including:
+ 2022: Tax rates apply from December 30, 2022, to the end of December 31, 2022;
+ 2023: Tax rates apply from January 1, 2023, to the end of December 31, 2023;
+ 2024: Tax rates apply from January 1, 2024, to the end of December 31, 2024;
+ 2025: Tax rates apply from January 1, 2025 to the end of December 31, 2025;
+ 2026: Tax rates apply from January 1, 2026 to the end of December 31, 2026;
+ 2027: Tax rates apply from January 1, 2027, to the end of December 31, 2027.
- Symbol "*": Imported goods are not entitled to VKFTA tax rates at the corresponding time.
- Column "GIC": goods manufactured in Khai Thanh Industrial Park in the territory of the Democratic People's Republic of Korea are subject to the VKFTA tax rate as prescribed in Article 6 of this Decree.
- For imported goods subject to tariff quotas, including a number of items belonging to commodity groups 04.07, 17.01, 24.01 and 25.01, the special preferential import tax within the quota is the tax rate specified in the special preferential import tariff promulgated together with this Decree;
- The list and annual import tariff quota amounts are determined according to the regulations of the Ministry of Industry and Trade, and the import tax rates are determined outside the quotas applied in the export tariff, the preferential import tariff, and the list of goods and services. absolute tax rate, mixed tax, and import tax outside the government's tariff quota at the time of importation.
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