Illustrative photo (Source: VNA)

Hanoi (VNA) – Minister of Finance Dinh Tien Dung said Vietnam would consider the removal of the ceiling price for dairy products for children aged under six from July, 2016.

Dung said during his meeting in Hanoi on May 24 with Michael Froman, the US Trade Representative, who showed interest in how the implementation of special consumption tax impacts Vietnam’s commitments to the World Trade Organisation, as well as its control over dairy products.

He added that the move must ensure competiveness and harmony between enterprises, the State and consumers. Enterprises also have to ensure transparency.

Previously, in Resolution No 33/NQ-CP issued on April 30, 2015, the Government agreed with the continuance of managing a ceiling price for powered milk products for children aged under six from June 1, 2015 to December 31, 2016.

In the process of implementation, if factors affecting the announced and applied milk prices emerge, the management agency will review and re-establish suitable prices. Enterprises will have to register prices with the Ministry of Finance.

Vietnam and the US traded 41.43 billion USD in 2015, which reflected an expansion of 187 times from 20 years ago.-VNA