Vietnam races to avoid US tariffs with proposed tax cuts on imports

HANOI (Bloomberg): Vietnam’s finance ministry has put forward a proposal to cut preferential import tariffs on a range of products including LNG, cars, wood, and agricultural products, as the nation seeks to avoid the imminent threat of US tariffs.

Under the changes, tariffs on some types of cars are set to be cut to 32% from a range of 45% to 64%, the tax on LNG will be reduced to 2% from 5% and ethanol will see a cut to 5% from 10%.