The Ministry of Finance said that Vietnam will cut import tariff by between 1% and 6% for 924 kinds of goods, including agricultural, forest, and aquatic products, construction materials and electronic products this year.
The reduction of import tax is part of Vietnam's WTO commitment.
The move is expected to provide consumers with more selections of imported and exported commodities.
However, the new regulation will push Vietnamese goods into facing with high competition with foreign original commodities as its trade gap remains high.
Vietnam incurred a trade deficit $12.375 billion in 2010, falling from 2009's revised figure of $12.853 billion, the General Statistic Office said