Vietnam raises customs duties on homo-PP imports
The Vietnamese government announced a plan to gradually impose 3% customs duties on homo-PP imports in the summer of 2013. In accordance with the plan, customs duties of 1% were applied in 2014 and the duties were raised to 2% for 2015. Customs duties are scheduled to rise to 3% as of 2016.
The duties have been implemented to provide protection to Vietnam’s polymer industry, which is still in the early stages of development. At present, Vietnam’s only PP producer is PetroVietnam, whose capacity of 150,000 tons/year is able to cover only a small proportion of the country’s overall PP consumption, which was estimated at around 750,000 tons/year as of 2013.
However, Vietnam’s PP capacity is expected to grow over the next few years as previously announced projects come on stream. The Vung Ro Petroleum Company Limited (VRP) is expected to start up a 900,000 tons/year PP plant in 2017 along with the scheduled opening of the rest of their $3.2 billion complex. In addition, the Nghi Son Refinery and Petrochemical Complex, which is scheduled for completion in 2016, will include a 370,000 tons/year PP plant along with other petrochemical investments.
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