The Ministry of Agriculture and Rural Development in Vietnam has recommended the government lower import taxes on animal feed to help farmers cut costs.
The ag-ministry has asked the Ministry of Finance to halve the tax on finished feed products to 4% and the tax on dry beans to 5%. It also proposed a zero rate for various other feed ingredients.
Vietnam imports about half of the ingredients needed to make animal feed, and is solely dependent on imports of soybean meal, said Le Ba Lich, chairman of the Vietnam Animal Feed Association in Thanh Nien News.
Animal feed prices could increase next month as prices of imported ingredients have been going up for more than a month, he warned.