Vietnam: Stockfeed support measures to come

South East Asian powerhouse nation, Vietnam, announced last week it had revised its most-favoured-nation (MFN) tariff rates for corn and wheat imported from origins that are not already subject to free trade agreements (FTA). The tax on corn will fall from 5 per cent to 2pc, and the wheat tax will drop from 3pc to zero. The decree, which will reportedly take effect on December 30, was primarily made to support its domestic stockfeed industry. This sector was hit particularly hard in mid-2021, when Vietnam's most serious COVID-19 outbreak escalated government control measures. According to World Trade Organisation (WTO) trade rules, countries cannot typically discriminate between their trading partners. Grant a trading partner a special favour, such as a lower customs duty for one of their products, and the same must be awarded to all other WTO members. This principle is known as the MFN treatment. But some exceptions are permitted. For example, countries can set up a FTO that ...