Vietnamese government officials announced it has revised its Most Favoured Nation (MFN) tariff rates meaning it will reduce the import tax on corn from all origins to 2% from 5% and zero out the tax on wheat.
“This is great news for US. products as it levels the playing field with our competitors from the Black Sea and ASEAN (Association of Southeast Asian Nations) members,” said US Grains Council President and CEO Ryan LeGrand.
“The Council’s work in Vietnam, in coordination with the US 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 in New York City between T&T Group, a Vietnamese feed grain importer, and council members, DeLong Company and Valero, where two memorandums of understanding were signed.
At that meeting, LeGrand also spoke with Vietnamese President Nguyen Xuan Phuc about lowering corn and ethanol import tariffs.
According to the USDA, US exports of corn, wheat and pork to Vietnam were valued at $228 million (€203 million) in 2020.
Vietnamese purchases of US DDGS increased in 2020/2021 totaling 1.7 million metric tons and placed the country as the second largest market.
“We look forward to building on our strengthened relationship with Vietnam as we find new homes for U.S. corn and related products for our members here at home,” LeGrand said.
Popular News Stories
LATEST VIDEOHow sustainable aviation fuel (SAF) is making its way in the aviation sector