While many people believe that sugarcane farmers will face difficulties after Viet Nam implements the ASEAN Trade In Goods Agreement, there are also some who say it could offer bright prospects.
Viet Nam’s sugar industry is expected to face a great deal of difficulties as the country will tariffs on imported sugar from ASEAN under the ASEAN Trade in Goods Agreement (ATIGA) in 2020.
After stopping car exports to Viet Nam for more than a month, Japanese auto giant Honda Motor suddenly decided to import around 2,000 vehicles from Thailand in early March.
The implementation of tariff reduction of zero per cent under the ASEAN Trade in Goods Agreement (ATIGA) from January 1, is an obsession with the Vietnamese sugar industry.
The tax on imported sugar, as stipulated by the ASEAN Trade in Goods Agreement (ATIGA), will be maintained at 5 per cent from the beginning of this year, instead of zero per cent as previously rumoured.
Applying the Rules of Origin of Goods in Asean Trade In Goods Agreement (ATIGA) will help enterprises enjoy preferential tax rates and manage compliance costs that enterprises must bear under the form of documents and accounting cost.
The establishment of the ASEAN Economic Community (AEC) this year is expected to bring opportunities and challenges for Viet Nam.Vu Nhu Thang, head of the Ministry of Finance''s External Relations Department, spoke the Vietnam News Agency, about the issues.
Vietnamese businesses should be well prepared emotionally and physically
to tap opportunities from the ASEAN Trade in Goods Agreement (ATIGA),
experts said at a dialogue yesterday.
Australian imported beef sold at Big C supermarket in Ha
Noi. The domestic cattle industry is threatened by an impending cut in
import traffifs to zero per cent. — VNS Photo Thai Ha
Samsung Electronics CE Complex JSC has submitted a proposal to the Prime
Minister, relevant ministries and departments, seeking preferential
treatment for its Samsung CE Complex project.
Viet Nam''s ambitious master plan for the development of its fledgling
automobile manufacturing industry for 2020 to 2030, which the government
recently endorsed, is facing major stumbling blocks.
The number of imported cars in the first two months of this year
increased sharply in terms of value and volume, according to the General
Office of Statistics (GSO).
Trade with ASEAN countries remains modest this year, said an expert,
with Viet Nam''s exports to the ASEAN market reaching about US$35
billion, while imports were about $40 billion.