New government decree adjusts import tariffs on certain goods

The government has issued Decree No. 144/2024/ND-CP, amending and supplementing certain provisions in Decree No. 26/2023/ND-CP on the export tariff schedule, the preferential import tariff schedule, tariff nomenclature, and fixed duties, mixed duties, and out-of-quota import duties.

To take effect from December 16, the decree is aimed at helping businesses reduce production costs and at contributing to stabilizing the macro-economy.

The decree reduces the import tariff on items in group 23.04, “Oilseed residues and other solid residues, whether or not ground or in the form of pellets, after oil extraction”, from 2 per cent to 1 per cent. The Ministry of Finance has said the reduction will improve the competitiveness of the domestic soybean meal industry and reduce production costs for the husbandry sector while helping ensure sources for raw materials.

It also stipulates that products containing tobacco leaves, reconstituted tobacco, nicotine, or tobacco leaf substitutes, or nicotine substitutes used for non-combustible smoking, and other nicotine-containing products used to deliver nicotine to the human body will face an import tax rate of up to 50 per cent.

The import tax rate on items in the group “Electronic devices for electronic cigarettes and similar personal vaporizers” will increase from 0 per cent to 50 per cent, equivalent to the import tax rate applied on tobacco products.