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Govt decides to reduce tariff on leather imports
18 Mar '08
1 min read
Recently, the Finance Ministry of Vietnam has reduced import tax to zero percent on raw leather of goats, pigs and reptiles instead of three percent imposed earlier.
While the tariff on hide remains the same at zero percent, tanned leather of goats, pigs and reptiles will have an imposition of three to five percent tax.
According to the statistics of Vietnam Leather and Footwear Association, in the first two months of this year, the country earned US $769 million from exports of footwear, including leather shoes. It posted a rise of 25.2 percent compared to the same period last year.
The data further show that in the month of February alone, the figures touched $300 million. Presently, in the EU region, Vietnam acquires a market share of 19.9 percent. Moreover, Vietnam also has plans to target a revenue of $6.5 billion 2010.
In spite of such good results, the association still worries about various difficulties that the industry is facing. Lack of laborers, weak production of raw materials, limited export markets and fierce competition from Chinese rivals, are posing major obstacles in the path of development.
While the tariff on hide remains the same at zero percent, tanned leather of goats, pigs and reptiles will have an imposition of three to five percent tax.
According to the statistics of Vietnam Leather and Footwear Association, in the first two months of this year, the country earned US $769 million from exports of footwear, including leather shoes. It posted a rise of 25.2 percent compared to the same period last year.
The data further show that in the month of February alone, the figures touched $300 million. Presently, in the EU region, Vietnam acquires a market share of 19.9 percent. Moreover, Vietnam also has plans to target a revenue of $6.5 billion 2010.
In spite of such good results, the association still worries about various difficulties that the industry is facing. Lack of laborers, weak production of raw materials, limited export markets and fierce competition from Chinese rivals, are posing major obstacles in the path of development.
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