Some enterprises in Vietnam are likely to encounter challenges, as the country will apply lower tariffs on imports after entering the World Trade Organization ( WTO), local media reported Monday.

Vietnam has committed to levy tariffs on most commodities at the average level of 13 percent by 2015, Vietnamese Trade Minister Truong Dinh Tuyen was quoted by newspaper Vietnam Investment Review as saying.

Under its commitments, import taxes on information technology and electronic appliances, including televisions, fridges and computers, will be removed, and those on chemical products will be reduced to 0-5 percent by 2015, he said, noting that even tariffs on such sensitive commodities as health equipment, automobiles and farm produces will be slashed.

Now, Vietnam imposes import taxes of 20-40 percent on several commodities. If enterprises in the country do not take urgent measures to increase their competitiveness, they will easily collapse due to coming tax reduction waves, said the report.

Vietnam is expected to finish all bilateral talks on its WTO accession before the summit of the Asia-Pacific Economic Cooperation (APEC) slated for November in the country, Vietnamese Deputy Prime Minister Vu Khoan said recently.

Vietnam is striving to conclude negotiations with four last partners, namely the United States, Mexico, Honduras and Dominica.

Source: Xinhua