On July 4, 2024, the Government issued Decree No. 81/2024/ND-CP amending and supplementing certain provisions of Decree No. 119/2022/ND-CP dated December 30, 2022, on Vietnam's Special Preferential Import Tariff Schedule for implementing the ASEAN-Korea Trade in Goods Agreement (AKFTA) for the period 2022-2027.
Vietnam's Special Preferential Import Tariff Schedule specifies a 0% AKFTA tariff rate for many goods such as: live animals; meat and edible meat offal after slaughter.
The AKFTA tariff rate is 5% for some types of mineral or chemical fertilizers containing phosphates (phosphate fertilizers), cosmetics or makeup preparations and skin care preparations (excluding pharmaceuticals), including sun protection or tanning preparations; preparations for nails or toenails.
Particularly, in the Decree, the Government supplements the list of goods subject to the special preferential import tariff rate outside Vietnam's quota to implement the ASEAN-Korea Trade in Goods Agreement for the period 2023-2027.
Additionally, the Decree specifies: For imported goods subject to tariff quotas including certain items under groups 04.07, 17.01, 24.01, 25.01, the AKFTA tariff rate within the quota is the rate specified in the Special Preferential Import Tariff Schedule attached to this Decree, and the AKFTA tariff rate outside the quota is the rate specified in the list of goods subject to the special preferential import tariff rate outside the quota attached to this Decree.
The import tariff rate outside the quota for goods not included in the above-mentioned list is applied according to the provisions of the Export Tariff, Preferential Import Tariff Schedule, the list of goods, and the absolute tax rate, mixed tax, import tax outside the Government's tariff quota at the time of import.
This Decree is effective from July 4, 2024.
