Vietnam's agricultural and aquacultural exports to China are expected to grow by US$400 million when China lowers import tariffs next year, according to a report of Vietnam Investment Review on Monday.
Of the sum, aquacultural products, and fruit and vegetable will benefit most from the tariff reduction with an estimated increase of US$200 million, and US$130 million, respectively.
The new tariffs are part of the Early Harvest Program agreed last year between China and the Association of the Southeast Asian Nations.
Under the program, import tariffs in China and Vietnam on eight agricultural and aquacultural products will be reduced gradually to 20 percent by 2004 and zero percent by 2008 from the current rate of 40 percent.
Vietnam exported US$80 million worth of fruits to China in 2002, four times more than it imported.
(Xinhua News Agency November 3, 2003)