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Textile & garment sector all set to receive incentive package
03 Mar '09
1 min read
The Ministry of Industry and Trade has suggested a three pronged proposal to save the textile and garment industry of Vietnam. The sector had exported US $9.12 billion worth of goods in 2008, but is finding the going tough in 2009.
The MOIT has suggested to the government to grant 1 percent subsidy of the export turnover from the sector. It has also proposed to earmark $1-1.5 million to promote the textile and garment industry in overseas markets.
Lastly, the Ministry has requested the government to delay collection of value added tax (VAT), levied on import of machinery for garment manufacturing. Exports from the sector have fallen by 12 percent y-o-y in the first two months of 2009.
The MOIT has suggested to the government to grant 1 percent subsidy of the export turnover from the sector. It has also proposed to earmark $1-1.5 million to promote the textile and garment industry in overseas markets.
Lastly, the Ministry has requested the government to delay collection of value added tax (VAT), levied on import of machinery for garment manufacturing. Exports from the sector have fallen by 12 percent y-o-y in the first two months of 2009.
Fibre2fashion News Desk - Vietnam
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