Vietnam decreases rubber export tax to zero percent

Ministry of Finance issued a decree to adjust rubber export tax to zero percent last week, aiming to solve exporters’ difficulties because of oversupply.

 The current tax is 1 percent.

The new tax level will take effect on Octobers 2, 2014.

Vietnam’s General Department of Customs said that the country’s natural rubber export volume in eight first months was 548,000 tons, earning US$989 million.

However, rubber export saw a decline of 9.8 percent in volume and 31.9 percent in value compared to the same period last year. China and Malaysia are the two leading Vietnam’s consumption markets in first seven months of the year but they imported Vietnam’s rubber less than last year.

Earlier, Vietnam Rubber Association petitioned the ministry to decrease export tax from 1 percent to 0 percent for latex rubber, mixed rubber and crepe rubber, a crude form of natural rubber.

By Lac Phong - Translated by Uyen Phuong

Other news

Most view

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

Vocarimex plans to expand export markets

The Vietnam Vegetable Oil Industry Corporation -Vocarimex (code: VOC) has set its target the 2018 revenue will reach VND 4,8trillion, an increasing of 9 percent compared to 2017 and pre-tax profit target will be VND 300 billlion ($ 13 million), dividend payment ratio at 12 percent.

 

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

BLF & LUT fined VND 145mln

The State Securities Commission of Vietnam (SSC) has just issued administrative fines worth VND 145 million to Bac Lieu Seafood Corp (BLF) and Luong Tai Investment & Construction Corp (LUT).