Vietnam may put emergency tariffs on soyoil and palm oil imports

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Vietnam is considering putting emergency import tariffs on soyoil and palm oil to prevent a flood of imports damaging its own producers, according to a World Trade Organization filing seen by Reuters on Tuesday.

Under WTO rules, countries may temporarily impose such tariffs - known as "safeguard measures" - if they can show that there is a serious threat to domestic producers, but other WTO members can challenge the decision to do so.

Vietnam said the National Company for Vegetable Oils, Aromas and Cosmetics of Vietnam (VOCARIMEX) had requested the government use safeguard measures and it was considering doing so on imports of refined soy oil, RBD (refined bleached and deodorised) palm olein oil and RBD palm stearin oil.

VOCARIMEX had submitted data showing an increase in imports that was causing or threatening to cause as serious injury to the domestic industry, it said, without giving details.

"The data currently available also showed a situation of sharply declining in domestic production and market share, productivity, and profits or losses, in conjunction with the increase in imports," the filing said.

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