The Vietnam government announced that its revising its Most Favored Nation Tariff Rates.
As of December 30, the import tax on corn from all origins drops from five percent to two percent, and the tax on all wheat gets zeroed out. The import tax on frozen pork will drop from 15 to 10 percent on July 1, 2022.
“This is great news for U.S. products as it levels the playing field with our competitors from the Black Sea and Southeast Asia,” says U.S. Grains Council President and CEO Ryan LeGrand. “Together with the USDA’s Foreign Ag Service, the Council’s work in Vietnam helped make this happen.”
The USDA says American exports of corn, wheat, and pork to Vietnam were valued at $228 million in 2020. Vietnamese purchases of DDGS increased in 2020-2021 to 1.7 million metric tons, making Vietnam the second-largest market for American DDGs.
“We look forward to building on our strengthened relationship with Vietnam as we find new homes for U.S. corn and related products for our members here at home,” LeGrand says.