Soybean meal is the main raw material in the formulation of pork bran. (Photo: sggp.org.vn)
Hanoi (VNS/VNA) - The Government has received a proposalfrom the Vietnam Feed Association to eliminate the import tax on soybean meal,currently set at 2%.
In response to the proposal, Deputy Prime Minister Le Minh Khai, under thedirection of Prime Minister Pham Minh Chinh, instructed the Ministry of Financeto work with relevant ministries and branches to study and consider theassociation's recommendations and submit them for consideration and decisionfollowing the law.
The Ministry of Finance shall assume the prime responsibility with relevantministries and branches to study, consider and handle the association'srecommendations on amending relevant documents on import tax and submit them tocompetent authorities for consideration and decision according to law.
Before that, the Vietnam Feed Association sent a written proposal to reduce theimport tax on soybean meal near the end of February.
The association said that the import tax on wheat had been reduced from three%to 0%; corn decreased from 5% to 2% from the end of December 2021.
Soybean meal is a high-cost commodity and is the main raw material in theformulation of pork and seafood bran, but its import tax still retains the rateof 2%.
This puts pressure on the cost of feed production.
The association said that if the import tax rate of 2% was maintained onsoybean meal, it would push feed prices to record high and lead to otherproblems.
Meanwhile, reducing import tax would improve the competitiveness of thedomestic industry compared to other countries in the region and the world; andcontrol inflation, ensure people's life, said the association.
The tax reduction would not affect State budget revenue but helped increasebudget revenue due to businesses' re-operation and sold products./.
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Soybean meal is the main raw material in the formulation of pork bran. (Photo: sggp.org.vn) 
