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Official Gazette

Thursday, August 17, 2017

Rubber export duty rate to down to zero

Updated: 11:20’ - 22/08/2014

According to the Vietnam Rubber Association (VRA), the Ministry of Finance (MOF) is gathering opinions of businesses before zeroing export duty on rubber.
 

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Making export toys at South Korea-invested Dream Plastic Co., Ltd., in Chau Son industrial park (Ha Nam province) __Photo: Danh Lam/VNA

 

On July 1, MOF issued Official Letter No. 8881, to gather opinions on reduction of current export duty rate of 1 percent on three rubber export items (latex, mixed and crepe rubber) to zero percent as a support for local rubber producers to overcome sharply decreasing rubber prices (VND 40 million/ton against the peak of VND 60 million/ton in 2011) and improve export competitiveness on the regional market.

In 2011, when the rubber prices reached the peak, MOF imposed an export duty rate of 3-5 percent. In the beginning of 2013, VRA proposed MOF to cut the export duty on rubber but received disapproval.

Due to a continuous decline in the rubber export market and prices, in November 2013, MOF issued Circular No. 157/2013/TT-BTC to down export duty on the above rubber items (under headings 40.01, 40.02 and 40.05) to 1 percent.-

 


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