The Ministry of Industry and Trade has officially decided to impose an anti-dumping and anti-subsidy tax of 47.64% on some sugar products imported from Thailand for five years.
The move followed the Ministry of Industry and Trade’s ministry finishing an anti-dumping investigation that began last September.
Visit Vietnam Insider’s Homepage for more stories.
In February this year, the Ministry of Trade and Industry levied a temporary anti-dumping tax of 33.88% sugar products imported from Thailand.
The investigation showed that subsidized sugar imports into Vietnam increased to 1.3 million tonnes in 2020, up 330.4% on-year, @Dtinews reported.
Sugar imported from ASEAN countries other than Thailand into Vietnam in the first quarter of this year grew at a booming rate, making domestic products hard to consume.
According to the Vietnam News Agency, the sharp increase in import volume caused serious damage to Vietnam’s sugar industry, forcing plenty of sugar processing mills to halt operation and lay off workers. According to the ministry, as many as 3,300 workers have lost their jobs and more than 93,000 farmers have been affected.
The current sugarcane pressing season 2020-21 is coming to the end. Sugar imported through official channels from Thailand and ASEAN countries continues to pour into the country along with an active operation of trade fraud is resulting in a large amount of imported sugar in the Vietnamese markets. Thus, imported sugar continues to completely dominate the market despite the logistics crisis occurred in official-imported channels and smuggled border control.