Imported vegetable oil subject to 5% safeguard tax

This is to facilitate the domestic cooking oil production industry and release inventories.

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The Ministry of Industry and Trade has just issued Decision No. 2564/QD-BCT regulating the application of temporary self-defense measures on vegetable oil imported into Vietnam.

Accordingly, the Ministry of Industry and Trade applies an import tax rate of 5% on some refined soybean oil, refined stearin oil and refined olein oil IV57 with HS codes: 1507.90.90, 1511.90.91, 1511.90.92, 1511.90.99 imported into Vietnam from different countries/territories.

The Ministry of Industry and Trade reported that in 2010, the import volume of vegetable oil increased by 16.71% compared to 2009, continued to increase by 23.95% in 2011 and increased significantly by 45.83% in 2012. In 2010 and 2011, the import volume increased by 18.82% and 8.87% respectively, and increased sharply in 2012 by 57.61%.

This increase has caused serious damage to the domestic industry, with a decline in market share, revenue, profits, capacity, employment and increased inventories. The domestic industry is at risk of having to stop production if temporary safeguard measures are not applied promptly.

For this reason, temporary safeguard measures will be implemented by imposing a 5% import tax on refined vegetable oil products from May 7, 2013./.

According to (vov.vn) - LT