Vietnamese government enacted Decree No. 05/2024/ND-CP to the Bilateral trade promotion agreement between Vietnam and Cambodia for the period 2023-2024

Vietnamese government enacted Decree No. 05/2024/ND-CP to the Bilateral trade promotion agreement between Vietnam and Cambodia for the period 2023-2024 26/01/2024 03:55:00 104

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Vietnamese government enacted Decree No. 05/2024/ND-CP to the Bilateral trade promotion agreement between Vietnam and Cambodia for the period 2023-2024

The Vietnamese government has issued Decree No. 05/2024/ND-CP on January 24, 2024, regarding Vietnam's Special Preferential Import Tariff to implement the Trade Promotion Agreement between the Government of the Kingdom of Cambodia and the Government of the Socialist Republic of Vietnam.

Vietnam and Cambodia have previously signed and implemented agreements for various periods: 2006-2007, 2010-2011, 2012-2013, 2014-2015, 2016-2017, 2019-2020, and 2021-2022. On April 19, 2023, the Vietnamese government issued Resolution No. 10/NQ-CP on the signing of the Trade Promotion Agreement between Vietnam and Cambodia for the period 2023-2024. This agreement was officially signed on June 2, 2023, by the Ministry of Industry and Trade with Cambodia, and it became effective on the same date, expiring on December 31, 2024.

To implement Vietnam's commitments on import and export tariffs under this bilateral trade promotion agreement, the government enacted Decree No. 05/2024/ND-CP on January 24, 2024. This decree is built upon the foundations laid in Decree No. 83/2021/ND-CP dated September 13, 2021, including stable and undisputed regulations applied in the past. The decree specifies the special preferential import tariff rates and conditions to benefit from these rates in order to implement the bilateral trade agreement with Cambodia.

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Rice imported from Cambodia- Source: Haiduongtv

Accompanying the decree are three annexes including one tariff schedule and two corresponding lists. Annex I defines the list of goods subject to a 0% special preferential import tariff rate from Cambodia, corresponding to the items in Annex I of the Vietnam-Cambodia Agreement. Annex II lists the goods imported under Vietnam's tariff-rate quotas, and Annex III identifies pairs of border gates allowed for customs clearance of goods benefiting from special preferences.

The decree took effect from the date of its signing, January 24, 2024. Its issuance contributes to the institutional framework for implementing Vietnam's tariff commitments under the bilateral trade agreement, thereby facilitating and promoting trade exchanges between Vietnam and Cambodia, and positively impacting Vietnam's economic development.

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Cambodian farmers harvest cashews – Source: Phnom Penh Post

Article 6 of the decree also states that for customs declarations of items listed in Annex I, registered from June 2, 2023, until the decree's effective date, if they meet the conditions for special preferential import tariff rates specified in this decree and have paid higher tax rates, the customs authority will process the excess tax payment as per tax management laws.

 

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