Vietnam has declared reductions in import duties on various goods, including automobiles, liquefied gas, and certain agricultural products. The decision comes amid growing concerns over U.S. President Donald Trump’s upcoming announcement of broad tariffs affecting all nations.
Vietnam issued Decree No. 73/2025/ND-CP on March 31 to revise and update preferential import tax rates for a range of goods listed in the Import Tariff Schedule. Products such as automobiles, wood products, ethanol, frozen chicken thighs, pistachios, almonds, fresh apples, cherries, and raisins will benefit from the updated tax rates.
The changes impact both export and import tax structures, including absolute tariffs, mixed tariffs, and out-of-quota import duties.
The preferential import tax rate on automobiles has been halved, and the tax for liquefied natural gas has been reduced from 5% to 2%. Additionally, tariffs on frozen chicken thighs have dropped from 20% to 15%, and almonds are now taxed at 5%, down from 10%. Unshelled pistachios, fresh apples, raisins, and cherries are also taxed at 5%.
Import tax rates for wood and wood products, including items in group 44.21 (like wooden coat hangers, coffins, thread bobbins, spindles, and similar items) and groups 94.01 and 94.03 (wooden chairs, chair parts, and furniture) have been standardized and reduced from 20% and 25% to 0%. Additionally, the preferential import tax rate for liquefied natural gas (LNG) has been reduced from 5% to 2%. Ethane has also been classified under HS code 2711.19.00 in Chapter 98 with a preferential import tax rate of 0%.
Vietnam’s finance ministry reported last week that the duty adjustments were made to address the complex and unpredictable shifts in the global geopolitical and economic landscape, particularly changes in economic, trade, and tariff policies.
According to the Office of the United States Trade Representative, the U.S. trade deficit with Vietnam reached $123.5 billion in 2024, marking an increase of over 18% compared to 2023.
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