A zero percent tax rate will be applied to Vietnamese tuna after the CPTPP takes effect. (Photo: VNA) Hanoi (VNA) – Japan is set to lift 86 percent of the tariff lines forVietnamese products in line with its commitments in the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP).
After 11 years, Vietnam will be exempt from some 95.6 percent of the tax lines.
A zero percent rate will be applied to Vietnamese seafood like tuna, shrimp andcrab. All of the aquatic products that are not entitled to tax removal underthe Vietnam-Japan free trade agreement will have their import duty abolished six,11 or 16 years after the CPTPP takes effect.
The CPTPP became valid in Vietnam on January 14. Earlier, it entered into forceon December 30, 2018 after Mexico, Japan, Singapore, New Zealand, Canada andAustralia completed procedures to ratify the trade pact.
According to the Vietnamese Ministry of Planning and Investment’s research inSeptember 2017, the CPTPP will boost the country’s GDP and exports by 1.32percent and 4.04 percent, respectively, by 2035. Total import revenue isforecast to increase 3.8 percent, lower than export value.
In addition, the deal will help create more jobs, increase income andcontribute to poverty alleviation.-VNA
VNA
