The quota for Laos sugar imports (coded HS 1701) is 50,000 tonnes thisyear, and the import tariff is 2.5 percent, according to the Ministry ofIndustry and Trade.
The announcement was made via Circular 08,which takes effect from May 27. It went on to state that tradersimporting sugar from Hoang Anh Attapeu Sugar Cane Co. Ltd in Laos wouldenjoy an import tax rate of 2.5 percent.
In addition, importprocedures, which are checked by customs departments at border gates,would not require permits from the Ministry of Industry and Trade.
However,reports on sugar imports must be submitted monthly to the Ministry ofIndustry and Trade and the General Department of Customs under theMinistry of Finance.
Sugar imports from Laos will not counttowards Vietnam's overall sugar import quota this year as a result ofits commitments to the World Trade Organisation. At the beginning ofthis year, the ministries of Agriculture and Rural Development and ofIndustry and Trade agreed to set the 2015 sugar import quota at 81,000tonnes.
The circular was released after the Ministry ofAgriculture and Rural Development reported that sugar inventories wereestimated at 496,790 tonnes as of mid May, 180,650 tonnes lower than theprevious year.
The average sugar prices were reported toincrease by 2,000 VND (9.2 US cents) – 2,500 VND (11 US cents) perkilogramme in May over the previous month to around 14,300 VND (66 UScents) to 15,000 VND (69 US cents) per kilogramme.
The domesticsugar industry has been struggling in recent years due to oversupply,plunging prices, smuggled sugar and pressure from neighbouring countrieswith more competitive prices.
These difficulties highlighted theurgent need for the sugar industry to improve its competitiveness,especially when the tax rate was scheduled to be cut to zero by 2018 aspart of the country's commitments to the ASEAN Economic Community.-VNA
The announcement was made via Circular 08,which takes effect from May 27. It went on to state that tradersimporting sugar from Hoang Anh Attapeu Sugar Cane Co. Ltd in Laos wouldenjoy an import tax rate of 2.5 percent.
In addition, importprocedures, which are checked by customs departments at border gates,would not require permits from the Ministry of Industry and Trade.
However,reports on sugar imports must be submitted monthly to the Ministry ofIndustry and Trade and the General Department of Customs under theMinistry of Finance.
Sugar imports from Laos will not counttowards Vietnam's overall sugar import quota this year as a result ofits commitments to the World Trade Organisation. At the beginning ofthis year, the ministries of Agriculture and Rural Development and ofIndustry and Trade agreed to set the 2015 sugar import quota at 81,000tonnes.
The circular was released after the Ministry ofAgriculture and Rural Development reported that sugar inventories wereestimated at 496,790 tonnes as of mid May, 180,650 tonnes lower than theprevious year.
The average sugar prices were reported toincrease by 2,000 VND (9.2 US cents) – 2,500 VND (11 US cents) perkilogramme in May over the previous month to around 14,300 VND (66 UScents) to 15,000 VND (69 US cents) per kilogramme.
The domesticsugar industry has been struggling in recent years due to oversupply,plunging prices, smuggled sugar and pressure from neighbouring countrieswith more competitive prices.
These difficulties highlighted theurgent need for the sugar industry to improve its competitiveness,especially when the tax rate was scheduled to be cut to zero by 2018 aspart of the country's commitments to the ASEAN Economic Community.-VNA
