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    Home > Food News > Food Articles > Vietnam plans to adjust fertilizer export tax rate

    Vietnam plans to adjust fertilizer export tax rate

    • Last Update: 2022-05-19
    • Source: Internet
    • Author: User
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    Vietnam News Agency News website reported on April 27, 2022, the Ministry of Finance of Vietnam said that in order to reduce domestic fertilizer prices and stabilize supply, the Ministry of Finance has reported to the government that it intends to impose a unified tariff of 5% on exported fertilizers .
    Different tax rates are applied depending on the proportion of minerals .
    Vietnam's Ministry of Finance said that in the context of rising fertilizer prices, this will help safeguard domestic fertilizer resources and ensure the interests of the country and enterprises .


     
    According to a previous report on the fertilizer market overview submitted by the Ministry of Finance of Vietnam to the government, the world and domestic fertilizer prices continued to rise due to the dependence of most raw materials on imports and the rising prices of raw materials
    .
    In addition, the shortage of empty containers and the shortage of production raw materials (such as phosphate rock beneficiation for the production of NPK compound fertilizers) also exacerbated the rise in fertilizer prices
    .
    Up to now, Vietnam's total domestic chemical fertilizer production capacity has reached 29.
    25 million tons, which can meet Vietnam's domestic demand for nitrogen and phosphate fertilizers.
    However, due to the lack of potash mines, potash fertilizers must be imported
    .
    Uniform price for export
     
    According to a previous report on the fertilizer market overview submitted by the Ministry of Finance of Vietnam to the government, the world and domestic fertilizer prices continued to rise due to the dependence of most raw materials on imports and the rising prices of raw materials
    .
    In addition, the shortage of empty containers and the shortage of production raw materials (such as phosphate rock beneficiation for the production of NPK compound fertilizers) also exacerbated the rise in fertilizer prices
    .
    Up to now, Vietnam's total domestic chemical fertilizer production capacity has reached 29.
    25 million tons, which can meet Vietnam's domestic demand for nitrogen and phosphate fertilizers.
    However, due to the lack of potash mines, potash fertilizers must be imported
    .
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