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|The two sides will actively open their doors to the US’s nuts, almonds and Citrus paradisi, and Vietnam’s grapefruit. (Photo: Vietnam Plus)|
As a means of increasing the trade of agricultural products from Vietnam and the US in the near future, it is necessary to continue solving problems relating to taxation and quarantine processes on imports in order to fulfill commitments between the two sides.
This comes as the Ministry of Agriculture and Rural Development (MARD) held a meeting with businesses in Hanoi on September 14 in an effort to boost the import of agricultural products from the US.
According to Vietnam Plus, MARD Deputy Minister Le Quoc Doanh said that amid COVID-19 outbreaks, Vietnamese businesses are exerting every effort to raise the import turnover from the US.
The US is one of the leading trade partners of Vietnam with two-way trade value growing continuously over the years, especially in agriculture.
In the first seven months of this year, the total import-export turnover of agro-forestry-fishery products between the two countries reached US$7.53 billion, a year-on-year increase of 9%. Nhan Dan stated that Vietnam’s main exports to the US are wood and wooden products, aquatic products, cashew nuts, coffee, rubber and vegetables. Meanwhile, animal feed, soybeans, wood and wooden products, vegetables, milk and dairy products, wheat and cotton are main products that Vietnam imports from the US.
|MARD Deputy Minister Le Quoc Doanh. (Photo: IMO)|
Upon assessing the negative impacts caused by the novel coronavirus (COVID-19) pandemic, including breaking the value chain between the two sides, some business representatives outlined that import tax on agricultural products from the US is higher than that of countries who enjoy tax incentives from free trade agreements with Vietnam.
Most notably, a tax reduction on corn, wheat, and grain products will serve to contribute to increasing the volume of imports as a means of improving competitiveness within the domestic market, not only with other ASEAN members, but many countries worldwide, they said.
With the aim of promoting commitments placed on agricultural exports and imports in order to balance trade between both sides, the past eight months has seen the MARD actively co-ordinate moves to overcome obstacles. This has been done to create favourable conditions for firms from the two countries, such as suspending regulations on the certification of free circulation for imported animal feed materials, the postponement of applications of regulations, and some heavy metals in feed ingredients.
Nguyen Do Anh Tuan, head of the MARD’s International Cooperation Department, said with trade and the export of agro-forestry-fishery products from the nation to the United States increasing, there have been times in the year that the US has risen to be the largest export market for local products.
Furthermore, according to VOV, the MARD will continue working with relevant offices from the US on quarantine procedures, Tuan said, adding that both sides will be active in facilitating the trade of items from the US such as nuts, almonds, and citrus paradisi, along with grapefruits from Vietnam.
The two sides will actively open their doors to the US’s nuts, almonds and Citrus paradisi, and Vietnam’s grapefruit, Vietnam Plus quoted Mr. Nguyen Do Anh Tuan.
Deputy Minister Le Quoc Doanh requested related offices to continue intensifying administrative procedure reform and speeding up quarantine process to create favourable conditions for businesses.
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