The Finance Ministry has proposed to the Prime Minister a sharp reduction in import duties on food and foodstuff, animal feed and construction materials in order to curb prices.

However, lowering on these goods will be only temporary, said the ministry.
Meanwhile, permanent cuts are proposed for import tariffs of fully-assembled cars, cosmetics, second-hand automobiles and electromagnetic products.

It is noteworthy that the Finance Ministry has just reduced import duty on automobile parts.

According to Deputy Finance Minister Truong Chi Trung, the tariff cuts are expected to take effect within this month with the PM’s approval.