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First Vietnamese batch of rice to export to EU with zero tariff

07:41 | 29/08/2020

Trung An Hi-Tech Farming Joint Stock Company based in the Mekong Delta city of Can Tho is gearing up for the first batch of rice to export to EU which will be received zero percent tax.

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first vietnamese batch of rice to export to eu with zero tariff
the first Vietnamese batch of rice is about to be exported to EU with zero tariff. Photo: VNA

Earlier, the company signed rice contracts with three German consumers with a total volume of 3,000 tonnes, of which 150 tonnes of ST20 and Jasmine will be included in the first batch, reported Vietnam News Agency.

According to Trung An's General Director Pham Thai Binh, the company has exported rice to Europe for many years. However, this is the first batch to be delivered to the region since the EU-Vietnam Free Trade Agreement (EVFTA) took effect on August 1, with a 0% tariff, as compared with 5-45% in the past.

To be accepted in the EU, the rice must have a clear origin and meet GlobalGAP or equivalent standards, said Binh, adding that the company will sign more contracts with French and Italian clients in the upcoming time.

Rice quotas for Vietnam under the EVFTA are expected to push the country's rice exports up from the second half of this year, according to the Ministry of Industry and Trade (MoIT).

Under the EVFTA, the EU pledges to provide an annual rice quota of 80,000 tonnes to Vietnam and completely liberalize trade in broken rice. Meanwhile, the EU also sets a number of conditions for those quotas such as origin certificates on Vietnamese rice. The rice exported to the EU must have authenticity certificates issued by Vietnamese authorities.

Under the EVFTA, the EU will eliminate import duties on about 85.6% of tariff lines or 70.3% of Vietnam's exports to the EU. After 7 years, 99.2% of tariff lines (99.7% of exports) will be eliminated. With the remaining 0.3% of exports, the EU commits to giving Vietnam tariff quotas with import duties of 0%.
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