The Ministry of Finance has just issued a list of items eligible for special preferential tariffs in accordance with the Korea-Vietnam Free Trade Agreement.
Specifically, South Korea is committed to removing tariffs and lifting quotas for 11,679 lines of taxes for Vietnamese products such as seafood including shrimp, crab, frozen fish, agro-produce, fresh flowers, tropical fruit and industrial products such as textiles and mechanical products. For such products as garlic, ginger, honey, red beans, sweet potatoes which are subject to high Most Favoured Nations duties from 240% to 420%, Korea has pledged to open the market. This is considered significant advantage for Vietnam compared to its regional exporters.
Meanwhile, Vietnam has pledged to add 201 items into its tax exemption list. These items include textiles and footwear inputs, household electric appliances, electric devices and components and vehicle parts.
