WTO tariffs will soon apply to Vietnamese products when customs rules are officially gazetted in the wake of the January 12 accession of Vietnam to the World Trade Organisation.
Taxes were immediately cut on 1,820 categories of products. The Vietnamese Ministry of Finance has promulgated Decision 78 on adjusting the tax rates to implement the WTO protocol, but changes only become effective when published in the official gazette in 15 days. Thus, customs cannot yet apply the new rates, said Nguyen Van Can, head of the Import-Export Tax Collection Inspection Department.
The US government welcomed the accession and said the event "marks the beginning of a new era in the political and economic relationship between our two countries," said an official statement reported by Xinhau News Agency.
"This is an historic day for and the rules-based global trading system. "This is an important milestone in the continuing process of expanding commerce and raising living standards around the world," said US Trade Representative Susan Schwab.
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