Vietnam to Cut Import Duties to 15 Percent
Mar. 15 – Vietnam’s Finance Ministry plans to cut import duties to 15 percent in April. Currently, the tariff on refined sugar is 40 percent, while raw sugar is taxed at 25 percent.
The cuts will help keep prices stable, according to statements made by the finance ministry. However, the Ministry of Industry has set import quotas at 250,000 tons total for both raw and refined sugar, compared to the 300,000 tons of sugar that was allowed to be imported in 2010. Both import quotas and import duties exert the same upward pressure on the price of imports.
Furthermore, the Vietnam Food Association on Friday March 9 announced reductions in the floor prices of rice that is meant for export. The floor price of 5 percent broken rice has been reduced by 20 percent to VND50,500 per ton and the floor price of 25 percent broken rice has fallen to VND480 per ton. The new FOB floor prices have been applied since March 12.
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