Chile removes tariffs on Vietnamese products

Chile has pledged to remove tariffs on 99.6 percent of Vietnamese goods within 10 years.

Notably, 83.5 percent of items it imports from Vietnam will enjoy zero tax after the Free Trade Agreement (FTA) between the two countries is signed on the sidelines of the current 19th Asia Pacific Economic Cooperation Forum in Hawaii, the US.

This was announced at a conference to promote Vietnam’s trade, investment and tourism held jointly the Vietnamese embassy in Chile and the Chilean Federation of Industry (SOFOFA) in Santiago on November 9.

SOFOFA Chairman Andres Concha said the relationship between Vietnam and Chile has developed remarkably in recent years especially after the Vietnamese State President visited Chile in 2009.

Chile considers Vietnam one of the most dynamic economies in the Asia, he added.

Ambassador Ha Thi Ngoc Ha said the Vietnamese Government has implemented comprehensive solutions to stablise the macro-economy, maintain high economic growth, ensure political and social stability, and strengthen national defense.

Two-way trade between Vietnam and Chile has increased sharply from US$20 million in 2000 to nearly US$400 million after a decade.

Rodrigo Contretras, the Chilean Director General for International Economic Relations (Direcon), presented a brief on the Chile-Vietnam FTA, which went through eight rounds of negotiations over three years. Both sides concluded negotiations in June 2011 in Hanoi.