Ministry of Finance on March 4 assigned the General Department of Taxation to organize a joint inspection team to verify production costs, profits and taxes paid by milk producers and traders.

Customers choosing milk at a supermarket. Dairy businesses will be inspected to verify their production costs, profits and taxes paid, said Finance Ministry.

Based on the results of the inspection, a plan will be set up to force dairy businesses to adopt reasonable prices, the Ministry said.

It has also decided to adjust import duties up on some milk products, except milk powder.

The rate on imported uncondensed milk and cream increases from five percent to 15 percent and from three percent to 10 percent for milk solids.

Meanwhile, other dairy products are subject to rates of 20 percent, up from seven percent.

These tax rates will be applied from March 9, said the Ministry.

Despite the duty on milk, powder is kept unchanged.

In related news, imported Abbott milk powder products, exclusively distributed in Vietnam by Pharmaceutical Company 3A, increased in price by 4 percent on March 4 in HCM City.