CommoPlast

Update: Vietnam-Korea FTA expected to eradicate import duty on polymers

insight 14 Jan 2016

Update: Vietnam-Korea FTA expected to eradicate import duty on polymers


According to Circular number 201/2015/TT-BTC by the Vietnamese Ministry of Finance, the Vietnam-Korea Free Trade Agreement (VKFTA), which was signed by both countries in May 2015, has officially gone into effect by 20 Dec 2015.

Under the Circular, several commodity polymers will be entitled to special preferred custom duty rate, however it needs to satisfy the following conditions:

  1. Goods being imported from Korea to Vietnam
  2. Goods being transported directly from Korea to Vietnam
  3. Goods must meet the requirement about country of origins, and to be provided with Certificate of Origin (C/O).

The Circular reads that from 2015-2018 period, import of commodity polymers from Korea to Vietnam will be subjected to the following custom duty:

 

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