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Vietnam has announced that it will eliminate its 3% tariff on US wheat from December 30, according to a statement from US Wheat Associates (USW) and the National Association of Wheat Growers (NAWG). This is a process that has been going on for some time, as the tariff was reduced from 5% to 3% in July 2020.
“U.S. wheat exports to the growing Vietnam market are much slower this year because of a lack of supply and rising prices, so eliminating this tariff is very important for producers like me,” said USW President , Darren Padget, in a statement.
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In this context, Vietnam is expected to import 3.65 million metric tons of soybeans in the 2021-2022 marketing year, according to the USDA's Foreign Agricultural Service and this represents a drop from the 3.9 million metric tons in the last year. The Southeast Asian country imported a record 5.535 million tonnes in the 2016-2017 marketing year, the agency said.
Wheat consumption in Vietnam is now forecast at 3.65 million metric tons this year, up from a previous estimate due to increased consumption of feed wheat, a USDA Global Agricultural Information Network report in October. NAWG President Dave Milligan said industry groups will continue working to improve access to global markets for U.S. wheat. “With about half of the wheat we produce available for export each year, we depend on increased access to markets like Vietnam,” he said in the statement.
By: Leonardo Gottems | agrolink
