Business

Plan issued for implementing Vietnam–Laos trade agreement

The plan aims to effectively implement the Vietnam – Laos Trade Agreement signed on April 8, 2024, facilitating businesses in applying preferential import tariffs, demonstrating the special friendship and importance both sides attach to their ties, thus further promoting the bilateral trade ties.

Minister of Industry and Trade Nguyen Hong Dien and his Lao counterpart Malaithong Kommasith sign the Vietnam - Laos Trade Agreement on April 8, 2024. (Photo: VNA)
Minister of Industry and Trade Nguyen Hong Dien and his Lao counterpart Malaithong Kommasith sign the Vietnam - Laos Trade Agreement on April 8, 2024. (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Bui Thanh Son has signed Decision No.2160/QD-TTg, promulgating a plan to implement the Trade Agreement between the governments of Vietnam and Laos.

The plan aims to effectively implement the Vietnam – Laos Trade Agreement signed on April 8, 2024, facilitating businesses in applying preferential import tariffs, demonstrating the special friendship and importance both sides attach to their ties, thus further promoting the bilateral trade ties.

Under the plan, the Ministry of Industry and Trade (MoIT), in coordination with relevant ministries and agencies, will disseminate the agreement’s content, tariff preferences, and related guidelines to officials in charge of managing import–export activities and to the Vietnamese business community.

The Ministry of Finance will coordinate with the MoIT and relevant agencies to issue a decree on Vietnam’s special preferential import tariffs for implementing the agreement under a shortened process, with retroactive effect from the date the agreement took effect for Vietnam, if necessary.

After the Decree on Vietnam’s special preferential import tariffs under the agreement takes effect, the MoIT, in coordination with relevant agencies, will issue a circular on tariff-rate quotas for imports of tobacco leaves, rice, sugar, and related products (HS 17.01) originating from Laos.

The MoIT, together with Lao counterparts and relevant Vietnamese agencies, will organise working missions to exchange information, review, and assess the implementation of the agreement. This will be conducted every three years or as requested./.

VNA
#Vietnam #Laos #trade agreement #preferential import tariffs #tariff-rate quotas Laos Vietnam
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