U.S. Wheat Associates applauds USDA’s Foreign Agricultural Service for their work alongside Vietnam’s Ministry of Finance to reduce the cost of wheat for Vietnam’s millers and consumers. Vice President Kamala Harris announced Vietnam will reduce or eliminate import tariffs on several U.S. commodities, including wheat. The tariff suspensions are expected to be implemented soon. It will also help make U.S. wheat more competitive in Vietnam’s growing wheat market.
Like many countries this year, Vietnam has seen significant food and feed price inflation due to the rise in global commodity prices and COVID impacts on supply chains. The newly announced reduction follows one from July 2020, when Vietnam reduced its tariff on imported U.S. wheat, excluding durum, from five percent to three percent. Despite the tariffs, Vietnam’s imports of U.S. hard red winter, soft white and hard red winter wheat exceeded 500,000 metric tons in marketing year 2020/21, second in volume only to Australia.