Ministry may adjust tariff rates

The Ministry of Finance has proposed an adjustment to import and export tax rates for some groups of goods from January 1, 2016. Import and export tax rates for some groups of goods will be adjusted from January 1. In addition, the ministry will adjust the preferential rates of import and export taxes for 10 groups of goods, the Thoi bao Tai chinh newspaper reported. The increase in export tax rates is also aimed at reducing the number of trade fraud cases. Export targetThe industry and trade ministry (MOIT) has set an export turnover target of US$181.5 billion for 2016, a 10 per cent increase compared with 2015.