Government of Vietnam to amend Vietnam’s special preferential import tariff schedule

Duong Chau Thanh

09:25, 10/07/2024

On July 04, 2024, the Government of Vietnam promulgated Decree 81/2024/ND-CP amending Decree 119/2022/ND-CP on Vietnam’s special preferential import tariff schedule for implementation of the ASEAN - Korea Trade in Goods Agreement in 2022 - 2027 period.

Amendments to Vietnam’s special preferential import tariff schedule

Decree 81/2024/ND-CP promulgates the Vietnam’s special preferential import tariff schedule (special preferential import duty rates are hereinafter referred to as “AKFTA rates”) and the List of Goods subject to out-of-quota special preferential import tax rates of Vietnam to implement the ASEAN-Korea Trade in Goods Agreement for the 2023 – 2027 period.

The Vietnam’s special preferential import tariff schedule (special preferential import duty rates are hereinafter referred to as “AKFTA rates”) specifies an AKFTA rate of 0% for various goods such as: live animals; meat and edible offal after slaughter...

An AKFTA rate of 5% applies to certain types of mineral or chemical fertilizers containing phosphates (phosphorous fertilizers), cosmetics or preparations for make-up and skin care (excluding pharmaceuticals), including sunscreen or tanning preparations; preparations for nails or toenails.

In Decree 81/2024/ND-CP, the Government of Vietnam supplements the List of Goods subject to out-of-quota special preferential import tax rates of Vietnam to implement the ASEAN-Korea Trade in Goods Agreement for the 2023 – 2027 period.

Decree 81/2024/ND-CP amends Column "AKFTA Rate (%)": Rates applicable from November 28, 2023, to the end of December 31, 2027.

For goods imported and customs import declarations registered from November 28, 2023, to before July 4, 2024, if they meet all conditions to enjoy the AKFTA rate as stipulated in Decree 119/2022/ND-CP and have paid tax at the rates specified in the Tariff issued with Decree 119/2022/ND-CP and the tax paid is higher than the corresponding rate in the Tariff issued with Decree 81/2024/ND-CP, the customs authorities will handle the overpaid tax according to the legal provisions on tax administration.

Decree 81/2024/ND-CP takes effect in Vietnam from the date of signing and issuance.

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