Import Tax Reduction From March 31, 2025: Good News For Cars, Wood, Ethanol, Chicken Thighs, Apples, Cherries...

Good news for consumers and import businesses: from March 31, 2025, a series of imported goods will have their taxes reduced, offering the opportunity to access quality goods at more favorable costs. Detailed information about this tax reduction is stipulated in Decree 73/2025/Nd-CP issued by the Government on March 31, 2025. This Decree amends and supplements the preferential import tax rates for a number of goods specified in the Preferential Import Tariff according to the List of Taxable Goods issued together with Decree No. 26/2023/Nd-CP dated May 31, 2023, on the Export Tariff, Preferential Import Tariff, List of Goods and Absolute Tax Rates, Mixed Tax Rates, and Out-of-Quota Import Tax Rates.

Imported Goods That Will Have Reduced Taxes From March 31, 2025

According to Decree 73, many important categories of goods will have their preferential import tax rates adjusted downwards. Below are the details:

Automobiles:

• HS codes 8703.23.63 and 8703.23.57: Reduced from 64% to 50%.
• HS code 8703.24.51: Reduced from 45% to 32%.

Ethanol: The tax rate is reduced from 10% to 5%.

Food:

• Frozen chicken thighs: Reduced from 20% to 15%.
• Pistachios (unshelled): Reduced from 15% to 5%.
• Almonds: Reduced from 10% to 5%.
• Fresh apples: Reduced from 8% to 5%.
• Sweet cherries: Reduced from 10% to 5%.
• Dried grapes: Reduced from 12% to 5%.

Wood and wood products: Belonging to group 44.21 (products such as clothes hangers, coffins, thread spools, yarn tubes, bobbins, sewing thread reels and similar products, wooden sticks for making matches…) and groups 94.01, 94.03 (seats and parts of seats; wooden furniture) are sharply reduced from 20% and 25% to the same rate of 0%.

Liquefied Natural Gas (LNG): Reduced from 5% to 2%.

Ethane: HS code 2711.19.00 is added to Chapter 98 with a preferential import tax rate of 0%.

Corn kernels: Reduced from 2% to 0%.

Soybean meal: Reduced from 1% and 2% to 0%.

Decree 73/2025/ND-CP Officially Takes Effect from the date of signing, which is March 31, 2025.

Significance Of Import Tax Reduction For The Market

According to assessments, the adjustment of preferential import tax rates for many goods is a necessary move to ensure fairness between Vietnam and its Comprehensive Strategic Partners. This decision is expected to bring many practical benefits:

• Improve trade balance: Creating more favorable conditions for import activities, contributing to balancing trade with partners.
• Encourage diversification of goods: Creating motivation for businesses to expand supply sources and import various types of goods.
• Increase consumer purchasing power: The prices of imported goods may become more competitive, bringing direct benefits to consumers.
• Simplify procedures: Ensuring simplicity, clarity, ease of implementation, and creating convenience for businesses and taxpayers.

With these positive changes, Vietnam’s imported goods market is expected to become more vibrant in the near future. Please follow our next news updates for the latest information on economics and policies.