Vietnam Updates: New Export Tariff and Preferential Import Tariff effective 1 January 2016

The Ministry of Finance has issued Circular 182/2015/TT-BTC to promulgate export tariffs and preferential import tariffs. Circular 182 took effect from 1 January 2016.

The new export tariffs and preferential import tariffs reflect Vietnam’s commitments on tariff reduction under its WTO Agreement.

Similar to prior years, the 2016 import tariff list includes 98 Chapters, however, there are several lines of goods added to enjoy special preferential tariff in Chapter 98, such as supplies used to manufacture Information technology products under heading 98.34, chassis attached with engine under heading 98.36, biological oil and petrol under heading 98.38, materials, supplies used to produce industrial rubber products under heading 98.40, etc. Further, mechanical processing machines which cannot be produced domestically under headings from 84.54 to 84.63 are entitled to a preferential import duty rate of 0%.