Vietnam waives soybean meal import tax exemption

The Ministry of Finance in Vietnam has decided to maintain the current soybean meal import tax rate at 2% or potentially reduce it to 1%, rejecting the earlier proposal of reducing it to 0% by the Ministry of Agriculture. They explained that the 2% rate is already below the WTO commitment limit of 5% and adjusting it may negatively impact domestic production. Currently, domestic production is able to meet 35% of the demand for soybean meal.