09:25 | 06/04/2020 Trade
The Republic of Korea (RoK) is expected to import 50% of its total quota of 55,112 tonnes of rice from Vietnam in the tender scheduled this May with a preferential import tax rate of 5%.
|The Republic of Korea (RoK) is expected to import 50% of its total quota of 55,112 tonnes of rice from Vietnam in the tender scheduled this May - Illustrative image|
According to the Ministry of Industry and Trade, the RoK committed to apply a preferential tax rate of 5% for the quota volume of 408,700 tonnes of imported rice for 10 years, starting from 2020, including rice imports from Vietnam.
Meanwhile, the tax rate applied to imported rice outside the quota is 531%.
The RoK will hold several tenders for the rice quotas of each country. The quota of imported rice will be divided into several tenders.
The RoK planned to import 50% of its total rice quota from five countries in the first half of 2020. Tenders are scheduled to take place in January, March and May but the plan may be changed due to the impact of the COVID-19 pandemic.
The country is considering the possibility of a tender for Vietnamese rice in early May with expected imports of 50% of the total quota of 55,112 tonnes allocated for Vietnam in 2020.