Accordingly, more countries are now allowed to export rice into the Philippines with regulated tariffs. According to industry leaders, this change will greatly affect Vietnam's rice exports to this market and bring opportunities as well as challenges.
The taxation policy will allow the private sector of the Philippines to import rice freely which will create favorable conditions for Vietnamese enterprises to easily export rice to this market. Rice imported from Vietnam will enjoy a tax rate of 35% which is lower than the rice import tariff of non-bloc countries.
However, the competition will also be more fierce as more countries will be exporting to this market.
