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Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
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Small textiles & garment exporters wary of strict quota regulations & high guarantees
15 Feb '06
1 min read
Strict regulation of quotas and high cost of guaranteeing security are major obstacles faced by Vietnamese textile and garment enterprises exporting goods to the US markets.
Recently, Government of Vietnam imposed a very high rate of guaranteeing security, at VND 80,000 per dozen (equivalent to US $5 per dozen), on both men's and women's cotton knitwear (category 338-339).
Industry sources say that this rate is too high even though the security amount is refunded back to the companies, later.
Particularly, small enterprises are most affected as their capital turnover is impacted.
Further, such small enterprises cannot request their foreign sourcing clients to share this guaranteeing security amount as most of the textile quotas have been eliminated since January, 2005 throughout the world.
Recently, Government of Vietnam imposed a very high rate of guaranteeing security, at VND 80,000 per dozen (equivalent to US $5 per dozen), on both men's and women's cotton knitwear (category 338-339).
Industry sources say that this rate is too high even though the security amount is refunded back to the companies, later.
Particularly, small enterprises are most affected as their capital turnover is impacted.
Further, such small enterprises cannot request their foreign sourcing clients to share this guaranteeing security amount as most of the textile quotas have been eliminated since January, 2005 throughout the world.
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