Vietnam’s honey subject to US anti-dumping tax of 400pct

04-Dec-2021 Intellasia | Vietnamnet | 5:02 AM Print This Post

Vietnam’s honey production industry is facing a new challenge as honey exported to the US may be subject to a tax rate of up to 412.49%.

The US Department of Commerce (DOC) has announced the preliminary anti-dumping tax rate for Vietnamese honey. The general tax rate imposed on all honey exporters from Vietnam is 412.49%, which doubles the rate of 207 percent initially proposed by the American Honey Manufacturers Association.

Four other countries including Brazil, India, Ukraine and Argentina are also on the list of countries subject to honey export tax, but Vietnamese honey has the highest rate.

Although this is just a preliminary ruling, the decision of the US Department of Commerce has seriously affected honey exporting firms and workers in the field of beekeeping in Vietnam.

Vietnam and the US are discussing a fairer tax rate for Vietnamese businesses.

Each year, the US beekeeping industry produces less than 100,000 tonnes of honey so it has to import more than 200,000 tonnes from other countries. Vietnamese honey accounts for about a quarter of the market for imported honey in the US.

According to the US customs agency, Vietnam exported 50,700 tonnes of honey to the US in 2020, accounting for about 25.8 percent of this country’s total honey imports.

The country’s total honey production is about 57,000 tonnes/year. Up to 90 percent of honey output is for export, of which 95 percent to the US market. In the first nine months of 2021, Vietnam’s honey export revenue reached $83 million, over 65 percent up year-on-year.

https://vietnamnet.vn/en/business/vietnam-s-honey-subject-to-us-anti-dumping-tax-of-400-797759.html

 

Category: Economy, Vietnam

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