JavaScript is off. Please enable to view full site.

Vietnam considers tariff cuts on American agriculture products

Tuesday, December 10, 2019, 10:39 GMT+7
Vietnam considers tariff cuts on American agriculture products
Consumers browse for meat products at a supermarket in Vietnam. Photo: Tuoi Tre

Vietnam is considering cutting tariffs on several American products, the Ministry of Finance said in a statement on Monday, after U.S. Commerce Secretary Wilbur Ross urged Vietnam to reduce its trade surplus during a visit to Hanoi last month.

Tariffs on chicken and processed chicken meat, almonds, grapes, wheat, pork, and potatoes are all earmarked for reductions, in order re-balance bilateral trade, the ministry said in a statement on its website.

Vietnam has emerged as one of the largest beneficiaries of the trade spat between Washington and Beijing but it is concerned that it could be U.S. President Donald Trump’s next target.

Vietnam’s trade surplus with the United States hit $38.4 billion in the first 10 months of 2019, up 33.66% from a year ago, customs data showed.

The Southeast Asian country is at risk of being labeled a currency manipulator by Washington because of its trade surplus with the country, a highly positive current account balance and because its central bank has been quite active in terms of net foreign exchange purchases.

The statement said the ministry has proposed reducing the tariff on chicken to 18% from 20% while the United States is expecting to see it cut to 14.5% next year and eliminated in 2028.

“This tariff cut is in line with our commitment in the first year of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP),” the ministry said.

“The proposed rate of the U.S. will be taken into consideration.”

Import tariffs on fresh apples and grapes from the United States are expected to be cut to 8%, on wheat to 3%, on potatoes to 12%, and on pork to 22%, which are all equivalent to Vietnam’s commitment to tariff cuts in the CPTPP, the ministry added.

The United States has suggested tariffs on apples, grapes and wheat should be abolished next year.

Tuoi Tre News


Read more




Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news

EU seeks new powers to penalize tech giants: FT

The proposed plan includes forcing tech giants to break up or sell some of their European operations if their market dominance is deemed to threaten the interests of customers and smaller rivals