Vietnam's Ministry of Finance is considering cutting import taxes for apples and table grapes in a move aimed at increasing imports and reducing prices for consumers.
According to Vietnam News, the ministry is consulting with other Vietnamese ministries and agricultural organisations on changes for a number of agricultural products.
Apples and table grapes are the two fruits set to benefit from the changes as the ministry proposed reducing taxes on fresh apples and fresh grapes from 10 per cent to 8 per cent.
The 10 per cent tariff is currently applied to countries outside of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Brunei, Chile, Malaysia, and Peru, which have not ratified the agreement.
Those countries within the agreement receive the preferential tax rate of 5 per cent for apples and grapes.
The ministry’s potential changes come as demand for imported fruit is rising in Vietnam, the Vietnam News report said.
Data from Vietnam’s General Department of Customs noted this year fruit imports from Chile increased by 98 per cent, imports from the US increased by 90 per cent and imports from South Korea increased by 83 per cent.