Korea opened bids for purchases of 27,791 tons of Vietnam’s rice

Korea Agro-Fisheries & Food Trade Corporation (aT) has announced the import tariff quotas for rice products and the plan of auctions to import rice in 2022.

In the first half of 2022, the tenders are expected to be announced in January, February, April and June (four times in total). In the second half of 2022, it is expected that two or three more bids will be organized depending on the domestic situation.

During the tenders in January 2022, Korea did not import rice originating from Vietnam.

During the tenders in February 2022, Korea announced the opening of bids to purchase 27,791 tons of rice from Vietnam (including long-grain brown rice and long-grain rice).

Since 2020, every year, Korea applies a preferential tax rate of 5% for the quota volume of 408,700 tons of imported rice. The tax rate applied to the volume of imported rice outside the quota is 513%.

Out of the quota volume of 408,700 tons, Korea committed to allocate 388,700 tons under the CSQ (Country-Specific Quota) national quota mechanism to 5 countries including China, the US, Vietnam, Thailand and Australia. Of which, Vietnam is issued with 55,112 tons.

The remaining volume of 20,000 tons of imported rice is applied in the form of open international bids.