Israel has decided to slash customs taxes levied on imported milk for a three-month period in order to tackle a shortage of dairy products, which presents an opportunity for Vietnamese dairy enterprises to boost their exports.
The decision is in effect from now until October 9, according to the Vietnamese Trade Office (VTO) in Israel.
Israel has faced a shortage of dairy products in recent years, leading to price increases, the VTO said. As a result, it has had to continually adjust management policies by increasing import quotas or cutting import taxes on such products at different times.
The high demand among Israelis for dairy products and the tax reductions offer a good opportunity for Vietnamese enterprises to increase their exports to the country, the VTO said.
Vietnam has over 200 milk production facilities, with annual milk output estimated to reach 2 billion liters by 2030.
Milk export value currently exceeds $300 million, with Vietnamese dairy products being exported to more than 40 countries and territories, including Hong Kong (China), Iraq, and Cambodia.
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