Hanoi-Vietnam: 09 primary import products from Hong Kong as of February 20, 2020

12:10, 10/07/2024

On January 05, 2020, the Government of Vietnam issued Decree 07/2020/ND-CP on schedules of special preferential import tariffs of Vietnam for implementation of ASEAN – Hong Kong, China Free Trade Agreement during 2019 – 2022.

main import goods from Hong Kong, 07/2020/ND-CP

Illustrative Image (Source: Internet)

Under Decree 07/2020/ND-CP, primary import products from Hong Kong into Vietnam (at least USD 20 million): Among imported goods in 2017, imports from Hong Kong focused on sewing and knitting materials and supplies, leather and footwear (approximately USD 400 million); Machinery, equipment, tools and parts; metal scraps; phones and components; computers, electronic products, parts and other products (figures in Table 2):

Table 2: Table 2: Primary import products from Hong Kong

Products	Import value in 2016 (million USD)	Import value in 2017 (million USD)	Import value in 2018 (million USD)
Machinery, equipment, tools and parts	306,2	275,5	180,6
Fabric of all kinds	227,3	242,3	23,14
Sewing, knitting materials and supplies, leather and footwear	207,9	215,1	369,7
Metal scraps	118,2	201,3	192,3
Phones and components	165,8	193,2	89,2
Other products	137,6	173,3	114,2
Computers, electronic products and components	93,4	155,8	294,2
Paper-based products	47,5	46,6	42,5
Jewels, precious metal and products thereof	51,8	43,7	64
Total	1.355,7	1.632,8	1.369,8

Regarding state budget revenue: During the period of 2019 – 2022, the average tariff rate in the AHKFTA shall reduce from 6.97% in 2019 to 4.98% in 2022. The greatest change in the average tariff rate shall take place in 2021 as 6.52% in 2020 reduces to 4.98% in 2021 – 2022.

Table 6: Import duty rate reduction

	MFN 2018	2019	2020	2021	2022
Average tariff rate	12,06	6,97	6,52	4,98	4,98

Details can be found in Decree 07/2020/ND-CP effective from February 20, 2020.

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