Seafood and other products flowing between Vietnam and the Eurasian Economic Union (EAEU) – comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan – have become cheaper after thousands of tariff lines were reduced to zero in line with the new free trade agreement (FTA) between the two parties that took effect earlier this month.
The tax cuts are being implemented in three phases running up to the end of 2018.
By the end of next year, import taxes on 4,959 types of goods will have dropped to zero through the FTA.
As well as seafood, products to benefit from the tariff cuts include footwear, textiles, seafood, electronics, agricultural products and steel.
In 2018, 144 further tariff lines will be eliminated, increasing the number of zero-tax lines to 5,103.
