Vietnam’s honey-making industry is facing a new challenge when exporting to the United States could be subject to a tax rate of up to 412.49%.

The United States Department of Commerce (DOC) has just announced a preliminary anti-dumping tax rate for Vietnamese honey exports to the United States. As a result, the general tax rate for all honey exporting firms in Vietnam is 412.49%. This tax is more than double the original rate proposed by the American Honey Manufacturers Association of 207%.

Along with Vietnam, 4 other countries including: Brazil, India, Ukraine, Argentina are also on the list of countries subject to honey export tax this time around. Where, Vietnamese honey is subject to the highest tax.

Although this is only a preliminary ruling, the aforementioned decision by the US Department of Commerce has severely affected US companies exporting honey to the US market, as well as employees working in the beekeeping field in Vietnam. Vietnam.

Currently, Vietnam and the United States are continuing to argue for a fairer tax rate for Vietnamese businesses.

Each year, the US beekeeping industry produces less than 100,000 tons, so it has to import more than 200,000 tons from other countries. And Vietnamese honey accounts for about a quarter of the market share of imported honey in the United States.

According to US customs statistics, Vietnam’s honey export turnover to the US market in 2020 will reach 50,700 tons, or approximately 25.8% of the country’s total honey imports.

In the first 9 months of 2021, Vietnam’s honey export reached $ 83 million, an increase of more than 65% over the same period of 2020. The country’s total honey production reached about 57,000 tons / year. 90% of honey is consumed through export channels, of which 95% is exported to the US market.

If the United States imposes anti-dumping duties, it will be very difficult for Vietnamese honey to produce and the livelihoods of millions of Vietnamese beekeepers will suffer.

Source: RemoveNews