Vietnam to increase import duties on homo-PP

According to the Decree number 122/2016/ND-CP, released by the Vietnamese government on 1 September 2016, import duties on homo-PP will be lifted to 3 per cent starting 1 January 2017. Meanwhile, the duties on these cargoes from the date the Decree announced to 31 December 2016 would remain at 1 per cent.

Other aspect including the origins that subject to custom duties are unchanged.

Commenting on this matter, a market source said, “We think this would trigger a wave of frenzy buying amongst Vietnamese buyers during September and October to ensure cargoes arrive before the implementation of new duties rate. Therefore, near term outlook is rather positive.”