The Vietnam Food Association has proposed the Vietnamese government remove or adjust rice export taxes, mainly because the commodity's prices in the domestic market are decreasing, according to local newspaper Labor on Monday.
The Vietnam Food Association also said the export price of Vietnamese rice is now 620-630 U.S. dollars per ton, while the world price stands at 750-780 dollars per ton.
According to the government's decision on July 21, depending on export prices of local rice, the absolute tax rates on the commodity vary from 500,000 Vietnamese dong (VND) (29.9 dollars) to 2.9 million VND (nearly 173.7 U.S. dollars) per ton.
Vietnam is likely to export 500,000 tons of rice this month, local newspaper Young People said Monday.
Vietnam exported roughly 2.8 million tons of rice totaling 1.8 billion dollars in the first seven months of this year, down 6.8 percent in volume but up 87.6 percent in value, according to the country's General Statistics Office.