ASEAN Advances Vietnam's Deadline for Regional Integration

Home>>World

Last updated at: (Beijing Time) Tuesday, August 27, 2002

ASEAN Advances Vietnam's Deadline for Regional Integration

DISCUSSION

CHINESE

SEND TO FRIEND

Vietnam has been told to speed up its ASEAN Free Trade Areas (AFTA) integration, getting its new import tariffs structure ready by 2005, a year ahead of the original schedule, according to a report of Vietnamese Ministry of Finance (MoF) on Tuesday.

Now, before the new deadline, the country has to draw up a tax structure under which all import items, falling in a list drawn upfor the purpose, will be levied at 0-5 percent. Of them, 60 percent will carry no tax by 2006.

This means that the process of gradual reduction of the tariffswill undergo a quickening. For instance, taxes on goods like cement, refrigerators, air conditioners and building materials will be down to 20 percent by the beginning of next year.

In the event, MoF experts warn that local industries would struggle to hold their own, especially those in sectors that do not have much of an edge over their counterparts from other ASEAN nations. They cite paper, cement, electronics and construction materials as probable candidates.

Another major threat looming over Vietnamese producers is the nation's possible accession into the World Trade Organization (WTO). Vietnam still offers subsidies to its industry, like the localization program, which is likely to violate WTO guidelines.

Vietnam is hell-bent on becoming a WTO member by 2004. As manyas 20 countries including the United States, European Union and China have sought bilateral negotiations while it is estimated that the country will have to negotiate with a further 10 WTO members.

Questions?Comments? Click here

Vietnam Faces Urgent Environmental Problems

Two Senior Officials Fired in Vietnam

World Bank to Provide 220 Mln US Dollars of Loans to Vietnam

China's Exports Hit Record of US$56.2 Billion in July ( 36 Messages)

China's On-going Reform Calls for Better Economic Illumination ( 31 Messages)

Fourth Unmanned Spaceship Set to Roar by Yearend ( 46 Messages)

FM Spokesman Rejects Al-Qaida Contacts Allegation ( 48 Messages)

Commentary: Taiwan Independence No Easy Thing ( 57 Messages)