Vietnam Cuts Tariffs on Dairy Imports
The Vietnamese Ministry of Finance has recently decided to reduce tariffs on various dairy products in an effort to lower retail prices on the domestic market.
Under the decision, which will take effective from September 29, tax on imported dairy products with non-natural milk ingredients will drop to 5% from the current 7%-10%.
Meanwhile, the tariffs on dehydrated milk and condensed milk would remain unchanged at 3%, and 5%, respectively.
Medical nutritious products and other products used for medical fields are also taxed at 5%.
Previously, the ministry intended to increase tax on such products to 20% but decided against the proposal on consideration of market reality.
Imported prices of milk materials have been sharply decreasing to US$1,800-US$2,200 per ton from US$5,700. (Labor)
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