Opportunities for Vietnamese Rice as the Philippines Reduces Import Taxes
On June 24th, the Ministry of Industry and Trade announced that Philippine President Ferdinand R. Marcos, JR., had issued Decree No. 62 reducing import tariffs on many items, including rice. This presents an opportunity for Vietnamese rice to increase exports and capture a larger market share.
- The Philippines has issued an order to reduce import tariffs on a wide range of goods.
According to the Vietnam Trade Office in the Philippines, Philippine President Ferdinand R. Marcos JR. has issued Decree No. 62 on reducing import duties on many goods, including rice. Accordingly, the import duty on rice will be reduced from 35% to 15%.
This can be seen as the latest move by the Philippine government to combat inflation, particularly the persistently rising price of rice in the market since the beginning of the year.
The effective date of Decree No. 62 is 30 days from the date of publication in the Official Gazette. However, for rice import duties, the effective date is 15 days after the date of publication in the Official Gazette. Therefore, the new rice import duty rates for the Philippines are expected to take effect in early August 2024.
- Opportunities for Vietnamese rice to enter promising markets.
Opportunities for Vietnamese rice
Over the years, Vietnam has consistently been the largest rice exporting partner, accounting for over 80% of the total rice imported into the Philippines. Some argue that the Philippines’ reduction of rice import tariffs will create more favorable conditions and increase opportunities for Vietnamese rice in the Philippine market.
Source: Vietnam Agriculture Newspaper
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