Textile-garment quota fees to US reduced
VietNamNet – Nineteen textile-garment categories exported to the US have their quota fees cut by 70%.
Part of a newly-issued decision of the Ministry of Finance (MoF), the cost reduction will be applied to 19 categories exported to the US as of January 1, 2005.
The categories have been billed as ‘hot’ product in high demand, including men’s and women’s cotton jackets, men’s and women’s cotton knit shirt, and cotton blended shirt, cotton blend mini-skirt, cotton trousers, swimsuits, polyester knit shirts and trousers.
Another ten categories are exempted from quota fees, with less demand, comprising men’s suit-style jacket, cotton and polyester sweaters, cotton blend sleep wear, brassieres, men’s and women’s wool jackets, men’s and women’s wool shirt and trousers.
According to the Ministry of Trade, the adjustment of quota fees will help lessen difficulties for textile-garment exporters. The MoF said this will cause losses of nearly VND100bil, but since 90% of the quota fees are added to the Export Assistance Fund, the effect on the State Budget is negligible. This move also fits with Vietnam’s itinerary to join the World Trade Organisation (WTO).
