HA NOI – The Ministry of Agriculture and Rural Development (MARD) has asked the Ministry of Finance (MoF) not to impose an export tax on rubber coded HS 4001 to encourage exports this year.
Bui Ba Bỏáng, MARD’s deputy minister said that under the nation’s rubber development plan to 2015 with a vision to 2020 approved by the Prime Minister, incentives were needed in order to boost the domestic rubber industry, including a tax-free export policy for latex.
The request comes in response to a draft mulled by the MoF that intends to increase the export tax rate to 5 per cent for rubber.
According to MARD, only 18 per cent of the rubber produced was used domestically, while the majority was exported.
In the first seven months of the year, Viet Nam exported 349,000 tonnes of rubber worth US$1.5 billion.
That volume is forecast to reach 800,000 tonnes with a total revenue of $3 billion by the end of the year. – VNS