Vietnam will cut its tariffs on U.S. products including LNG and cars, the head of the Finance Ministry's tax policy department said.
Vietnam will cut its tariffs on several U.S. products including LNG and cars, the head of the Finance Ministry's tax policy department said, as the country tries to avoid being hit with U.S. tariffs because of its large bilateral trade surplus.
Among the cuts, the tariff on American LNG will be cut to 2% from 5%, on automobiles to 32% from a range of 45% to 64%, and on ethanol to 5% from 10%, Nguyen Quoc Hung said in a statement posted on the ministry's website late on Tuesday. Vietnam has not yet imported LNG from the U.S., but the country has been in talks with U.S. suppliers for its future fleet of LNG power plants, the first two of which are scheduled to start commercial power generation by June this year.
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