It provided tariff coverage for all commodities and established both normal and preferential tariffs. Preferential rates (50% of the normal tariff) were applied to exported/imported goods to/from countries that signed bilateral trade agreements with Viet Nam. While the private sector was granted the ability to engage directly in international trade, in order to obtain an import or export licence, enterprises were required to have a foreign contract and a shipping license, sufficient working capital, and trade experience.