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Update news tariff cuts
Vietnam now has a new opportunity to develop its automobile industry. If the chance is missed, the country will become an automobile import market.
The two important FTAs – CPTPP and EVFTA – all have strong commitments on tariff cuts, with the tariffs expected to be completely removed in 7-13 years.
Car dealers have halted the import of Chinese cars but are expected to resume early next year.
Vietnam’s vegetables and fruits are finding it difficult to enter China, but the country continues to import Chinese products in large quantities.
Some 300 goods are expected to enjoy preferential tariffs under a pending decree detailing tariff cuts under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Many South Korean beauty service brands are seeking ways to penetrate the Vietnamese market through franchise models after the elimination of seven tariff lines on cosmetics.
VietNamNet Bridge - Mercedes, Ford, Audi, Porsche and BMW auto manufacturers have been expanding their distribution networks in Vietnam in recent months.