Interviews
US to bring in monitoring system to check excessive imports
28 Dec '06
1 min read
On January 11, 2007 Vietnam will formally enter the World Trade Organization (WTO).
With this, the quota system on Vietnamese garment exports will end, the US will impose its own monitoring system. Vietnam Textile and Apparel Association (VITAS) has also decided to screen the textile and garment exports to the US to avoid problems in the sector.
The monitoring will avoid excessive imports, price reductions or other indications of unfair trade practices and US imposition of anti-dumping duties on Vietnamese garments.
Both VITAS and VCCI (the Vietnam Chamber of Commerce and Industry) will focus on supervising the volume and prices of exported products to avoid anti dumping duties. Local exporters have collectively agreed to support the system.
This system will help to avoid any disadvantages caused to the textile sector of Vietnam.
This year the textile industry anticipates export revenues of $5.8 billion, 22 percent more than achieved in previous year.
Garment exports to the US market may account for $2.2 billion, showing a 26 percent increase and to the EU market it is expected to reach $1.2 billion, 20 percent more than last year.
With this, the quota system on Vietnamese garment exports will end, the US will impose its own monitoring system. Vietnam Textile and Apparel Association (VITAS) has also decided to screen the textile and garment exports to the US to avoid problems in the sector.
The monitoring will avoid excessive imports, price reductions or other indications of unfair trade practices and US imposition of anti-dumping duties on Vietnamese garments.
Both VITAS and VCCI (the Vietnam Chamber of Commerce and Industry) will focus on supervising the volume and prices of exported products to avoid anti dumping duties. Local exporters have collectively agreed to support the system.
This system will help to avoid any disadvantages caused to the textile sector of Vietnam.
This year the textile industry anticipates export revenues of $5.8 billion, 22 percent more than achieved in previous year.
Garment exports to the US market may account for $2.2 billion, showing a 26 percent increase and to the EU market it is expected to reach $1.2 billion, 20 percent more than last year.
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Ritesh Dodhia
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