Vietnam to lower import duties on polypropylene to 1% from 3%

24-Feb-16

With effect from March 6, Vietnam will lower import duties on polypropylene to 1% from 3%, as per the country's ministry of finance reported in Platts. The reduction will be a benefit to domestic converters as the country is a net importer of PP. The 3% tariff has been in place since 2013. The new tariff applies to PP under HS (harmonized system) codes 39021030 (PP in liquid or paste) and 39021090 (PP in other forms). Vietnam's annual PP deficit is expected to reach 938,000 mt in 2016, widening to 1 million mt by 2017. The country has almost no domestic PP capacity, with the exception of PetroVietnam's 150,000 tpa PP plant at Binh Son.