Home / Knowledge / News / Textiles / Ministry to prune import duties on textile goods
Ministry to prune import duties on textile goods
14
Mar '08
The Government of Vietnam has asked the Ministry of Finance, Industry and Trade to cut down import duties on several goods as a policy to meet its commitments to the World Trade Organization (WTO).

According to the contract inked with WTO, Vietnam needs to reduce import duties on roughly 3,800 tax lines this year.

However, in the coming year, the country will need to cut import duties on about 2,000 items by around 2 percent.

Vietnam became WTO member in January last year and since then it is committed to slash taxes on 10,689 imported goods with an average cut of about 4 percent. A complete implementation of the scheme will take about five to seven years.

The agreement with WTO requires Vietnam to reduce import taxes on farming products from 25.2 to 21 per cent while for non-farming products, taxes must drop from 16.1 to 12.6 percent.

So far, Vietnam has trimmed duties on more than 1,800 tax lines, of which a major chunk of the products belong to textiles among others. Gold, gemstones and footwear will also come under tax reduction scheme.

The Government has also urged the Ministry of Finance, Industry and Trade to evaluate prices of goods in line with the market to encourage healthy competition and prevent monopolization.

Must ReadView All

Textiles | On 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Apparel/Garments | On 25th May 2017

AAFA reinforces opposition to Border Adjustment Tax

The American Apparel & Footwear Association (AAFA) has reinforced its ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search