The policy will be observed until around 80 per cent of the total quota volume for each item is filled, said the Ministry of Trade.
Looking to capitalise on the garment quotas available to the US market, TAQAD requested on Wednesday that US importers inform them of their order plans until the end of the year for categories 347/348 and 647/648 (synthetic trousers), which the trade and industry ministries say will be distributed according to the automatic allocation policy until August 31 of this year.
In a letter sent to US importers, the division also warned firms that the allocation policy could cause difficulties arising from the limited volume of quotas available.
Because of these potential drawbacks, the trade and industry ministries are exploring measures to guarantee certain benefits to US importers, particularly larger firms, which are willing to confirm orders up to the end of the year for the two specified categories.
The letter stressed that any benefits available will be implemented on an equal and transparent basis, and requested that larger importers submit feasible orders based on the remaining volume of quotas.
So far this year, Viet Nam has earned $860 million in overall export revenue from the US market, reported the Ministry of Trade.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
