Vietnam has signed a decree unilaterally lowering tariffs on key dairy products and ingredients, including skim milk powder, whole milk powder, cheese, milk albumin and protein isolate. The decree goes into effect on July 10.
Most tariffs on dairy products and ingredients will decrease by 50% or more. The U.S. Dairy Export Council (USDEC) received confirmation today (May 28) that the decree has officially been announced by Vietnam Prime Minister Nguyen Xuan Phuc.
USDEC worked for more than a year to secure the measure. It reduces a competitive disadvantage created when the Trans-Pacific Partnership went into effect without U.S. participation, along with other free-trade agreements, including one with the European Union.
Since 2017, U.S. dairy exports to Vietnam have grown by more than 50%, to $170.5 million (86,230 metric tons) last year, making it the U.S. dairy industry's eighth-largest export market.
"Vietnam's decision to unilaterally lower tariffs will better position the U.S. dairy industry to provide a consistent supply of high-quality and competitively priced dairy products to the mutual benefit of both nations," said USDEC President and CEO Tom Vilsack. "The effort illustrates how the U.S. Dairy Export Council delivers value to its member companies and dairy farmers."
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