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Tuesday, June 25, 2024

EU to cut duty on Vietnam rice products to zero in 3-5 years

The Saigon Times

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HCMC – The European Union (EU) will cut the import tax rate to 0% on Vietnamese rice-based products in the next 3-5 years, creating an opportunity for Vietnam to raise the competitiveness of its rice with other rice exporting countries.

According to the Vietnam Trade Office in Belgium and the EU, the European Commission (EC) published the Official Journal, which contains Regulation (EU) 2022/1481 regarding the import duties applicable to certain types of husked rice imported to this market.

The import duty for husked rice under the CN code 1006 20, other than husked basmati rice of the varieties referred to in Article 1 of the Commission Regulation (EC) No 972/2006, shall be 65 euro per ton. The regulation took effect as of September 8, 2022.

Under the European Union–Vietnam Free Trade Agreement, the EU gives Vietnam an export quota of 80,000 tons of rice per annum, consisting of 30,000 tons of husked rice, 20,000 tons of wholegrain rice and 30,000 tons of fragrant rice.

Vietnam’s broken rice will enjoy trade liberalization when it enters the EU, bringing the total estimated exports to 100,000 tons to the EU per annum.

In addition to the advantages of the EVFTA, Vietnamese enterprises need to improve the rice quality and change their business approach to expand the market.

With high and stable demand for various types of rice from Asia, the EU will continue the potential market for Vietnamese rice exporters in the coming years.

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