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Vietnam apparel makers seek VAT exemption
25
Sep '12
Apparel manufacturers in Vietnam have urged the Government to give a three to six months exemption in value added tax (VAT) to the apparel and textile enterprises, so as to boost both exports as well as domestic sales.
 
The Vietnam Textile and Apparel Association (VITAS) also urged the Government to increase the VAT refund rate on goods of apparel exporters to 15 percent from the existing 10 percent.
 
Moreover, clothing enterprises in Vietnam are expecting successful conclusion of the Trans-Pacific Strategic Economic Partnership Agreement (TPP), which will enable exporters to further expand into the US and some new markets.
 
The agreement envisages a 16-18 percent tax reduction for Vietnamese apparel exports to the TPP countries, with some items being allowed duty-free access to TPP markets.
 
VITAS said Vietnamese apparel and textiles exporters are facing tough competition in a narrowed market, owing to the euro debt crisis.
 
Lack of orders, shortage of workers and declining income were cited by VITAS as other difficulties faced by Vietnam garment exporters.
 
In addition, the proposal to terminate the 275-day grace period for paying tax on imported material is also threatening to further increase the problems of apparel and textile manufacturers, VITAS said.
 

Fibre2fashion News Desk - India

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