Vietnam (official name: the Socialist Republic of Vietnam) is the 8th most populous country in Asia, and the 13th most populous overall. More than a decade of average growth rates of roughly 7% starting in the early 2000s has made Vietnam one of the world’s premier emerging markets, although subsequent economic stumbles have tempered somewhat the early enthusiasm.
As part of its accession to the World Trade Organization in 2007, Vietnam agreed to substantially reduce its tariffs on many products. However, as a reflection of the previously closed nature of the economy, high tariffs continue to remain on a number of product areas, including: agricultural products, processed foods and nutritional supplements. In general though, import tariffs on the majority of products imported into Vietnam are 15 percent or less.
Vietnam has shown a tendency in recent years to increase its applied tariff rates in some product areas, though the new rates are still below Vietnam’s bound WTO rates, and are therefore permissible. Affected products include shelled walnuts, ketchup and other tomato sauces, inkjet printers, and stainless steel bars and rods.
The World Trade Organization provides the following summary table on tariff rates for broad product groupings: