Vietnam Economy Potential impact of proposed meat import tariff reduction considered The Saigon Times Daily Friday, Dec 13, 2019,14:58 (GMT+7) Potential impact of proposed meat import tariff reduction consideredThe Saigon Times Daily Shoppers inspect meat at a supermarket. Some associations have voiced concern over the potential impact on poultry farmers if the Ministry of Finance’s proposal to reduce import tariffs for chicken, pork and their by-products is approved - PHOTO: VNA HCMC - Some associations have voiced concern over the potential impact on poultry farmers if the Ministry of Finance’s proposal to reduce import tariffs for chicken, pork and their by-products is approved, VietnamPlus news site reported. With the levels of proposed reductions, where the Finance Ministry proposed lowering the import duty of chicken meat and chicken by-products from 20% to 18% and tariffs on fresh or frozen pork to … [Read more...] about Potential impact of proposed meat import tariff reduction considered
Ministry proposes lowering
Lower tax for imported pork to benefit consumers
Customers buy pork at a local market in Dong Ha City, Quang Tri Province. Since October, due to the effect of African swine fever, local pork prices have increased by more than 20 per cent from the same period last year. — VNA/VNS Photo Thanh Thuy Ignoring pork, 56 -year-old Nguyen Thi Ha instead selects a pack of chicken at a Lotte Mart in Ha Noi. Since October, due to African swine flu, local pork prices have increased by more than 20 per cent from last year, and for prime cuts the cost is even higher. For example, good quality pork belly now costs nearly double at VND150,000-200,000. As the price of pork increases, so do local favourites like banh my pho Hue, which is a baguette loaded with pork pate that has gone up to VND30,000 from VND25,000. Deputy Minister of Industry and Trade, Do Thang Hai forecast a shortage of more than 200,000 tonnes of pork yesterday, so Hai’s ministry is planning to allow more imports to meet local demand. At the same time, the Ministry of … [Read more...] about Lower tax for imported pork to benefit consumers
Consumers begin to feel pork pinch
With the price of pork soaring, consumers begin to look for alternatives such as poultry, beef, and seafood (Photo: Le Toan) Since early November, the price of pork has been increasing rapidly. In some provinces, the price of live pigs has hit a record of VND80,000 ($3.45) per kilogramme, an almost 170 per cent increase in just six months. The record tally has already pushed the price of pork in wet markets across the country up to VND170,000 ($7.40) per kilogramme. The price of other foodstuff made from pork, such as Vietnamese sausages, has also hiked up to VND40,000 ($1.70) per kilogramme. In some shops and restaurants in Hanoi, the rise has led to increases of up to VND10,000 ($0.40) per dish. Last week, Duong Thu Ha, a bank officer in the centre of the capital, was surprised at the increased fee of the noodles with pork that she usually has for lunch. “They used to charge me VND35,000 ($1.50), but now a dish can be either VND10,000 more expensive or if it has the same … [Read more...] about Consumers begin to feel pork pinch
Imported cars to be more expensive as VN raises luxury tax
The Ministry of Industry and Trade (MOIT) has proposed raising luxury tax on some car models with fewer than nine seats. The General Department of Customs (GDC) reported that 96,000 cars had been imported to Vietnam by the end of August, worth $2.1 billion, which represented a 229 percent increase in quantity and 205.6 percent in value in comparison with the same period last year. Of these, the imports from Thailand and Indonesia accounted for more than 70 percent of total imports. Vietnam’s domestically made output is far below that of Thailand and Indonesia, 200,000 products a year vs 2 million and 1.3 million products, respectively. Vietnam also has a lower localization ratio than the two countries, 20 percent vs 60-80 percent and 45-70 percent, respectively. For these reasons, MOIT believes that there should be solutions to develop the domestic automobile industry and help domestic products compete with imports. One of the solutions the ministry has proposed is … [Read more...] about Imported cars to be more expensive as VN raises luxury tax
Congestion in aviation infrastructure needs resolving
Amid opinions that Vietnam’s aviation market has developed too rapidly, Mr. Dinh Viet Thang, head of the Civil Aviation Administration of Vietnam (CAAV), said that the aviation market has been posting good growth and under control with ensured safety and profits for carriers. The Vietnamese aviation market still reflects correctly rising demand of the economy and is in line with annual economic growth rate. However, representatives of state management agencies, experts and enterprises thought that although the development of Vietnam’s aviation market is still under control, rapid development has been causing intense pressure on infrastructure. If this issue is not solved soon, it will cause lots of consequences. Among the network of 22 airports, overloading situation mainly happens at two major airports Noi Bai and Tan Son Nhat, of which the situation is worse at Tan Son Nhat Airport. Mr. Lai Xuan Thanh, chairman of the Board of Management of the Airports Corporation of … [Read more...] about Congestion in aviation infrastructure needs resolving
