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Safeguard tax levied on cooking oil
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Vegetable oil imported to Viet Nam, including refined soybean and refined palm oil, was subject to a safeguard duty rate of 4 per cent from yesterday, according to the Ministry of Industry and Trade's Department of Competition Administration.
This rate would take effect until May 6 next year, before it is decreased by 1 per cent.
This follows a decision issued by the Ministry of Industry and Trade last year to apply a safeguard measure on imported vegetable oil to protect domestic oil producers; a decision aimed to be in effect for four years.
The ministry said it expects the tax rate to decrease to 2 per cent in 2017
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