US sharply reduces anti-dumping tax on Vietnamese honey: Beekeepers and businesses “breathe”?

US reduces anti-dumping tax on Vietnamese honey

This tax rate is already a reduction of about 7 times compared to the previous preliminary tax rate. From 410.93% – 413.99% in the preliminary conclusion to 58.74 – 61.27%.

This result shows the important role of the honey production and export industry in cooperating with the investigation agency.

During the investigation of the case, the Ministry of Industry and Trade coordinated with other ministries and branches to express their views to the US side many times, requesting the US to make an objective and fair assessment and strictly comply with the provisions of the Organization of Trade and Industry. World Trade.

Harvest honey. (Photo: VNA)

However, the Ministry of Industry and Trade said that this result still does not reflect the reality of Vietnam’s honey production and export.

Why does the US reduce anti-dumping tax on Vietnamese honey?

The reduction of dumping margin from more than 410% in November 2021 to 58-62% as decided on April 8, reduced by 7 times. This is the result of the efforts of the Vietnamese side to struggle, persuade, and lobby the US side to change the calculation method such as adjusting input materials, changing in the use of energy costs, costs, etc. financial as well as normal value of honey products of Vietnam.

If still keeping the preliminary tax rate of more than 410% as before, there will be almost no opportunity for Vietnamese honey to be exported to the US. The recent sharp tax reduction has retained opportunities for Vietnamese businesses to continue to compete. Compared with the previous preliminary conclusion, the competitive relationship between Vietnam and other competitors such as India, Brazil and Argentina has also improved.

The meaning of exporting honey to the US

The demand for honey in the United States is relatively large. In 2021, the US imported about 575 million USD of honey products, of which the turnover from the countries under investigation for dumping amounted to more than 460 million USD (accounting for more than 80% of the import market share).

It is very important that honey products continue to have the opportunity to export to the US market, because the US is the leading export market of Vietnamese honey.

If Vietnam maintains this market, Vietnam has the opportunity to develop new product groups with high processing and added value, because this is a market with large purchasing power.

In addition, continuing to maintain the honey export market to the US is also of great significance to tens of thousands of beekeepers, mainly in difficult economic areas, and to protect biodiversity and protect the environment. environment that the Government and people have been making efforts to implement.

Diversifying honey export markets

The Ministry of Industry and Trade said that it will continue to coordinate with relevant ministries and sectors, the Vietnam Beekeeping Association and Vietnamese honey exporters to discuss with US agencies in the next stages. are also carrying out trade promotion activities.

Continuing to keep the honey export market to the US is of great significance to tens of thousands of beekeepers. (Illustrated photo – Photo: VNA)

“The Ministry of Industry and Trade is implementing trade promotion activities to increase the consumption of honey products in the domestic market as well as exploit and diversify foreign markets other than the US so that we can effectively exploit them. Free trade agreements have been signed, including a tax reduction bringing the tax rate to 0% for Vietnam’s honey products”, said Mr. Le Trieu Dung, Director of the Trade Remedies Department, Ministry of Industry and Trade. said.

After an initial preliminary tax rate of more than 400% was introduced, honey exports to the US were almost “frozen”. Up to this point, when it has dropped to about 60%, have importing enterprises in the US resumed with Vietnamese enterprises? With the new tax rate, can beekeepers and Vietnamese businesses “breathe” now?

These questions will be answered in the section Viewprogramme Economic Weekly Magazine (April 16) with the participation of Mr. Dinh Quyet Tam, Chairman of Vietnam Beekeeping Association. Please watch the video above!

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