Vietnam's special preferential import duty commitment under the AHKFTA Agreement

12:05, 10/07/2024

The Government of Vietnam has issued Decree 07/2020/ND-CP regarding Vietnam's special preferential import duty for the implementation of the ASEAN - Hong Kong Free Trade Agreement for the period 2019-2022.

Commitment to Special Preferential Import Tariff, 07/2020/ND-CP

Illustrative Image (Source: Internet)

Decree 07/2020/ND-CP assesses the impact on the state budget regarding imported goods from Hong Kong to Vietnam as follows:

Overall, after converting from the AHTN 2012 List to the AHTN 2017 List, Vietnam has opened approximately 72% of its market lines for Hong Kong. Statistics on special preferential import tariff commitments of Vietnam in the AHKFTA Agreement as per the AHTN 2017 List are as follows:

Table 1: Vietnam's special preferential import duty commitment under the AHKFTA Agreement

Commitment Group	Number of Lines	% of Total Lines	Hong Kong Import Value 2017 (million USD)	% of Total Import Value 2017	Hong Kong Import Value 2018 (million USD)	% of Total Import Value 2018
Duty Elimination after 3 years (NT1)	5160	47.5%	570.7	34.4%	516.2	33.6%
Duty Elimination after 10 years (NT2)	2658	24.5%	88	5.3%	96.1	6.3%
Sensitive (SL)	457	4.2%	37	2.3%	29.4	2%
Highly Sensitive (HSL)	536	4.94%	9	0.5%	8.8	0.6%
Uncommitted (EL)	2045	16.71%	955.2	57.5%	886.2	57.7%
Total	10856	100%	1660	100%	1537	100%

Regarding import turnover from the Hong Kong market: customs statistics show: in 2017, the import value increased by 11% compared to the same period in 2016, from approximately 1.495 billion USD to 1.660 billion USD. In 2018, imports from Hong Kong reached 1,537 million USD. In general, Hong Kong's import turnover accounts for a very small proportion of total world imports (about 1%).

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

Le Hai

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