Vietnam adjusts tariffs lower on wheat, corn, pork
Wheat tariff eliminated, while corn reduced to 2% tax and pork down to 10%.
Jacqui Fatka, National Hog Farmer
Nov 16, 2021
Vietnamese government officials announced Monday that it has revised its Most Favored Nation tariff rates and as of Dec. 30, 2021, it will reduce the import tax on corn from all origins to 2% from 5% and zero out the tax on wheat, which was previously 3%. The import tax on frozen pork will also be reduced from 15% to 10% beginning July 1, 2022.
The action follows the White House’s announcement in late August that promised improved market access for U.S. agricultural producers with Vietnam.
According to the USDA, U.S. exports of corn, wheat and pork to Vietnam were valued at $228 million in 2020. Vietnamese purchases of U.S. dried distillers grains with solubles increased in 2020-2021, totaling 1.7 million metric tons, and placed the country as the second largest market.
“This is great news for U.S. products as it levels the playing field with our competitors from the Black Sea and ASEAN (Association of Southeast Asian Nations) members,” says U.S. Grains Council President and CEO Ryan LeGrand. “The Council’s work in Vietnam, in coordination with the U.S. Department of Agriculture’s Foreign Agricultural Service, has helped make this happen. We thank the Vietnamese government for taking these important steps to make trade freer and fairer there.”
The Council’s work in the effort culminated in September when it coordinated a meeting...