U.S. Biz Supports GSP Grant for Vietnam
The U.S.&ndashASEAN Business Council has submitted a proposal approving Vietnam&rsquos eligibility for the Generalized System of Preferences (GSP) to Ambassador Susan Schwab, United States Trade Representative in Vietnam.
GSP will not only facilitate Vietnam to speed up its efforts to eradicate hunger and alleviate poverty, but will also accelerate trade between the two countries, said the council.
The Vietnamese Trade Office in Washington predicted that the U.S. is likely to approve Vietnam&rsquos eligibility by the of this year.
Currently, around 3,400 categories of import duties are entitled to GSP, according to the office.
Vietnamese goods that are expected to receive GSP include aquatic and agricultural products, furniture and articles made of plastic. Garments, footwear, handbags, steel and leather products are excluded from the GSP elibility.
This year, Vietnam is fore to obtain a slight export increase to the U.S. to $11 billion from $10.3 billion in 2007 despite the worry about the U.S. economy&rsquos recession, said MoIT.
The country is estimated to sp $1.7 billion on imports from the U.S., down 10.52% on-year.
The U.S. is now Vietnam&rsquos largest export market while the ASEAN country has been listed among 30 biggest exporters to the U.S. in 2007, according to a report by the U.S. International Trade Commission (ITC). (Liberated Saigon)
Vietnamese
