Vietnam benefits 10.5 billion USD from Japanese market when TPP comes into effect

Japan committed to eliminating import taxes on 86% of tax lines (accounting for 93.6% of Vietnam's export turnover to Japan (equivalent to 10.5 billion USD) as soon as the Trans-Pacific Partnership Agreement (TPP) comes into effect, and by the 11th year, eliminating about 95.6% of tax lines.

Most of Vietnam's strong seafood products will enjoy a 0% tax rate immediately after the TPP takes effect, such as yellowfin tuna, striped tuna, swordfish, some species of cod, surimi, shrimp, crab, etc.

On February 4, 2016, the Trans-Pacific Partnership Agreement (TPP) was officially signed between 12 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, with an economic scale accounting for 40% of GDP and 30% of global trade. According to the Ministry of Finance, the countries participating in TPP will eliminate import taxes on goods of members. In particular, the Japanese market also committed to eliminating import taxes on 86% of tax lines, accounting for 93.6% of Vietnam's export turnover to Japan, equivalent to 10.5 billion USD (based on trade turnover data in 2014)....

For agricultural products from Vietnam, Japan does not commit to rice and applies tariff quotas or partial reductions or commits to trade defense measures for a number of sensitive items such as beef, pork, milk, dairy products, wheat, rice and their products. Many priority items of Vietnam have a significantly shortened roadmap compared to the commitment in the Vietnam - Japan FTA, such as most of Vietnam's strong seafood products enjoying a 0% tax rate immediately after the Agreement comes into effect, such as yellowfin tuna, striped tuna, swordfish, some species of cod, surimi, shrimp, crab, etc. All seafood products not committed to eliminating taxes in the Vietnam - Japan FTA will be eliminated in the TPP with a roadmap of elimination in the 6th, 11th or 16th year from the date the Agreement comes into effect. For fruits and vegetables, Japan commits to a 0% tax rate in the third or fifth year from the date the Agreement comes into effect. Honey will have its tax eliminated in the eighth year.

Meanwhile, for footwear, 79.5% of the turnover will be eliminated in the 10th year and the remaining items (leather shoes) will have their tax rates eliminated in the 16th year. Leather suitcases and handbags will have their taxes eliminated in the 16th year. In addition, for textiles, 98.8% of the tax lines will be eliminated as soon as the Agreement comes into effect, equivalent to 97.2% of Vietnam's export turnover of this item to Japan. The remaining items will have a tax elimination roadmap in the 10th year...

According to Vietnam Agriculture