TPP commitments in the financial sector According to information published by the Ministry of Finance, TPP countries commit to a high level of openness for Vietnam. […]
According to information announced by the Ministry of Finance, TPP countries commit to a fairly high level of openness for Vietnam. Considering the general level, about 78-95% of tariff lines will have import taxes eliminated as soon as the Agreement takes effect.
The remaining items will have a roadmap for tax elimination within 5-10 years, except for some sensitive items with a roadmap of over 10 years or applying tariff quota measures... Many of Vietnam's key export products to the TPP market enjoy a tax rate of 0% immediately after the Agreement takes effect or after 3-5 years such as agricultural products, seafood, textiles, footwear, wooden furniture, electrical goods, electronics, rubber...
In the financial sector, Vietnam commits to TPP member countries on (i) import tax; (ii) export tax; (iii) financial services and (iv) customs.
Regarding import taxes, Vietnam commits to a common tax schedule for all TPP countries, in which over 65% of tariff lines will have import taxes eliminated as soon as the Agreement takes effect and nearly 98% of tariff lines after 10 years; The remaining items have a roadmap of over 10 years or apply tariff quotas (TRQ).
– Products that Vietnam commits to eliminate import taxes as soon as the Agreement takes effect include live animals, animal feed, some dairy products, cereals, rice, leather and leather products, rubber and rubber products, plastics, pharmaceuticals, pesticides, chemicals, minerals, some types of paper, textile materials, shoe leather, cotton fabrics of all kinds, textile products, fertilizers, perfumes, cosmetics, machinery and equipment, furniture, wood and wood products, musical instruments, iron and steel products, electronic components...
– Groups with a roadmap to eliminate tariffs in the 4th year include confectionery, tea and coffee, sweet corn, watches, household goods, sewing machines, generators, jewelry, construction materials, milk, machinery and equipment, plastic and plastic products, electronic products...
– The group has a roadmap to eliminate taxes in the 6th year including: vegetable oil, fruit and vegetable products, some rubber products..
– The group has a roadmap to eliminate tariffs in the 8th year including: bicycle and motorbike components, some auto components, confectionery, seafood products, animal and vegetable oils and fats, vegetables and fruits, iron and steel, complete bicycles, some specialized vehicles...
– The group has a roadmap to eliminate tariffs in the 10th-11th year including: meat of all kinds, beer and wine, sugar, eggs, salt, gasoline, cars, iron and steel, some types of auto parts, steel billet, tires and tubes...
Regarding export taxes, Vietnam commits to eliminating export taxes on the majority of products currently subject to export taxes according to a roadmap of 5-15 years after the Agreement takes effect. Some important product groups continue to maintain export taxes.
In the field of customs, The TPP Agreement provides regulations on simplification and harmonization of procedures to create maximum conditions for import and export businesses such as regulations on procedures for express delivery goods, regulations on pre-determination, certification of origin mechanism, supervision mechanism for goods origin, risk management mechanism for import and export goods, specific regulations on clearance time. cargo customs. In addition, the TPP Agreement stipulates a self-certification mechanism of origin in inspection procedures and determination of origin for imported and exported goods. Accordingly, this mechanism allows businesses to self-declare the origin of their goods instead of the current management method that requires businesses to submit to the agency.Customs certificate of origin issued by the competent authority of the exporting country.
Regarding financial services,commitments in the insurance and securities sectors will promote investment opportunities, contributing to the development of the financial services market in Vietnam. Commitments on financial services include: (i) expanding commitments on market opening accompanied by transparency mechanisms (portfolio management services, providing and circulating financial information, and ancillary securities services; (ii) enhancing transparency; (iii) investment protection (transparent, clear and effective dispute resolution mechanism); (iv) allowing the application of exceptions and prudential regulations.
Department of State Resources – Ministry of Planning and Investment
Procedures
