Less Duty On Beef Imports Into Vietnam
VIETNAM - The Vietnamese Ministry of Finance, on 3 August, issued temporary cuts on preferential import tax rates (MFN tariffs) for a number of goods listed in Vietnam’s preferential import tariff schedule. The amended tariffs came into effect on 8 August (United State Department of Agriculture).
23 August 2007
1 minute read
Under the adjustment, the MFN tariff on bovine meat imports was reduced from the previous rate of 20% to 12%. For pork and chicken, the tariffs were decreased from 30% and 20%, respectively, to 20% and 12%. The duty on edible offal was eased from 15% to 10%. The tariff on corn used for animal feed was reduced from 5% to 2%, while tariffs on meat and bone meal decreased from 10% to 5%.
The amended MFN on beef, chicken, corn and meat and bone meal went beyond the final bound rate obligation from Vietnam’s WTO accession agreement. This is an indication of the Vietnamese government’s commitment to free trade arrangements, and its effort to support growing domestic demand. Market prices in Vietnam rose 6.9% over the first half of 2007, driven by an 8% surge in food prices. Increasing import supplies are expected to ease food prices.
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