Vietnam to cut import tariffs on US ethane, LNG, cars

SINGAPORE (ICIS)–Vietnam will cut tariffs on imports of several US products including ethane, liquefied natural gas (LNG) and automobiles.

The southeast Asian country will be reducing tariffs on cars to 32% from previous rates of 45% to 64%, lowering ethanol tariffs to 5% from 10%, cutting liquefied natural gas (LNG) tariffs to 2% from 5%, and eliminating tariffs on ethane, Nguyen Quoc Hung, the head of the finance ministry’s tax policy department, said in a statement posted on the ministry’s website late on Tuesday.

Vietnam has the third-biggest trade surplus with the US after China and Mexico.

(Recasts headline and first paragraph for clarity)