Vietnam Cuts Im-Export Taxes on Certain Wood to 0%

The Ministry of Finance has agreed to reduce import and export tariffs on wood of 44.07 category to 0% from the previous 10% to help domestic wood firms to boost production and exports.  

 

The move, in response to a proposal by the Vietnam Timber & Forest Products Association (Viforest), is supported by the Ministry of Agriculture and Rural Development (MARD), and the Ministry of Industry and Trade (MoIT).

 

The Viforest earlier moaned that local firms have found it hard to boost production and exports of wood products due to soaring prices and thin supply of input materials. 

 

The association attributed the situation to the fact that many Vietnamese and Chinese firms have increased purchases of plank wood, which belongs to the 44.07 category, to export to China with a large quantity. 

 

Vietnam exported US$1.235 billion worth of woodworks in the first five months of 2010, posting on-year rise of 31.1%. Meanwhile, the country’s imports of woods rose 37% to US$391 million in the period, said the General Statistics Office (GSO). (Vietnam & World Economy, GSO)