August 14, 2008

The Vietnamese Ministry of Finance recently announced that it would cut import tax on several dairy products to 2 percent from current 10 percent to help stabilize the domestic market, particularly the milk powder products.

Prices of milk in Vietnam jumped 10-15 percent over the past week, except for Dielac products by Vinamilk. Imported milk prices also leaped by 15-20 percent during the time, a survey by the News Online in Hanoi showed.

Furthermore, the ministry also eliminated tax on soy from the current 2 percent to zero, the Dau Tu (Investment) newspaper said Wednesday (August 13).

To support the livestock sector, the ministry cut import tax on feeds to 2 percent from 10 percent as feed animal ingredient costs rose 20-50 percent.