Viet Nam-Israel special preferential import tariff schedule for 2024-2027

This Decree deals with Viet Nam special preferential import tariff rates for implementation of the VIFTA and conditions for grant of such special preferential import tariff rates under this trade pact.

Accordingly, the average special preferential import tariff shall be 10.3 percent in 2024; 9.3 percent in 2025; 8.4 percent in 2026 and 7.5 percent in 2027.

The trade deal was signed between Viet Nam and Israel in Tel Aviv on July 25, 2023, laying the foundation for a strengthened bilateral cooperation in investment, services, digital transformation, and technology.

The agreement consists of 15 chapters and several appendices about trade in goods, services - investment, rules of origin, technical barriers to trade (TBT), sanitary and phytosanitary measures (SPS), customs, trade remedies, government procurement, and legal – institutional framework.

The agreement will ultimately remove duties on at least 86 percent of Vietnamese products and 93 percent of Israeli products, according to the Vietnamese Ministry of Industry and Trade.

It will create a favorable premise for Viet Nam to promote the export of its advantageous products not only to Israel but also to other markets in the Middle East, North Africa, and South Europe.

Meanwhile, besides Viet Nam's market of over 100 million people, Israeli goods and technology will have opportunities to access markets in ASEAN countries, Asia-Pacific, and major economies which Viet Nam has signed FTAs with./.