Vietnam’s Ministry of Finance has decided to exempt wood planks from export tax in a bid to help producers and exporters.
Under a new ruling, exporters of wood planks no more than 100mm wide and 30mm thick no longer have to pay tax.
The tax exemption – which was previously 10% – is expected to help increase the export of planks and joinery products, which has significantly reduced due to the global economic depression.
Deputy chairman of the Vietnam Timber and Forest Product Association Nguyen Ton Quyen said the wood industry had total exports of US$500m during the first three months of 2009 – 22% less compared with the same period last year.
In a move to meet export forecasts, trade officials have urged wood exporters to consider entry into new markets including Russia, India and Central Asian countries, rather than the traditional markets of the EU, US and Japan.
