March 2, 2021 | 20:19 GMT +7

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Wednesday- 18:24, 10/02/2021

Vietnam imposes an anti-dumping tax on sugar imported from Thailand

The Ministry of Trade and Industry has decided to impose an anti-dumping tax of 33.88 per cent on sugar imported from Thailand.
Sugar imported from Thailand to Vietnam has been imposed an anti-dumping tax of 33.88 per cent. Photo: TL.

Sugar imported from Thailand to Vietnam has been imposed an anti-dumping tax of 33.88 per cent. Photo: TL.

The Ministry of Trade and Industry has decided to impose an anti-dumping tax of 33.88 per cent on sugar imported from Thailand.

According to the ministry’s investigation, sugar imported from Thailand including refined sugar and raw sugar were subsidized and sold at a dumping price of 48.88 per cent. Thus, the ministry temporarily estimated the anti-dumping tax on the product at 48.88 per cent.

However, after taking into account socioeconomic impacts of the tax under Law on Foreign Trade Management, to ensure harmony among sugar growers, domestic sugar production and processing, consumers’ benefits plus other calculations, the ministry decided a temporarily anti-dumping tax of 33.88 per cent.

The tax rate will be regularly reviewed to ensure a fair, competitive environment if there is a strong shift from importing refined and white sugar to importing raw sugar to avoid anti-dumping tax and anti-subsidy at a higher level.

The ministry would continue to work with relevant parties to come up with a conclusion. The investigation is expected to be completed in the second quarter of 2021.

The investigation launched on September 21, 2020, as representatives of local producers asked for. Its results found that in 2020, as many as 1.3 million tonnes of subsidized sugar was imported from Thailand to Vietnam, an increase of 330 per cent compared with that of 2019.

The import heavily hit Vietnamese sugar production. Many sugar mills were closed, about 3,300 workers turned unemployed and 93,225 farming households were affected.

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