USMEF Audio: Vietnam to Reduce Tariff Rates on Imported Pork

Shipping containers ready to go to ports unknown. ( Pixabay/MGN )

With its domestic pork production heavily impacted by African swine fever (ASF), Vietnam has announced reductions to its most-favored-nation (MFN) tariff rates for imported pork, according to a release from U.S. Meat Export Federation (USMEF). Effective July 10, the MFN rate for frozen pork muscle cuts will drop from 15% to 10%, with the lower rate remaining in effect through the end of this year. The MFN rate for frozen pork variety meat will remain at 8%. The MFN rate for chilled pork muscle cuts will decline from 25% to 22%. 

In the audio clip above, USMEF economist Erin Borror explains that as the Vietnamese pork industry struggles to recover from ASF-related losses, the government is taking a number of steps to help stabilize pork prices. She notes that these MFN rate reductions are especially timely for the U.S. industry, because Vietnam’s tariff rates for frozen Canadian pork currently stand at 9.3% for muscle cuts and 4% for variety meat under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam's imports of pork from the European Union will soon receive similar tariff relief under the EU-Vietnam Free Trade Agreement, which Vietnam's National Assembly is expected to ratify this month.

In the first quarter of 2020, U.S. pork and pork variety meat exports to Vietnam increased 251% from a year ago to 4,382 metric tons, valued at just under $10 million (up 182%).

 
Comments