MoF Removes Quota Charges on Garments & Textiles to EU, Canada

MoF Removes Quota Charges on Garments & Textiles to EU, Canada

The Ministry of Finance issued Decision 02/2005 on January 12 to remove quota charges on garment and textile products exported to EU and Canada.

The decision was launched when EU and Canada officially removed quotas on Vietnamese garments and textiles since January 1^st 2005 according to the agreement between Vietnamese government and EU signed on December 3^rd 2004 and Canadian Trade Ministry's announcement in the same day.

This removal will contribute to decreasing expenditure and strengthening competitiveness of Vietnamese garments and textiles in 2005. It will also not affect the State budget.

The garment and textile industry strives to gain export turnover of between US$5 billion and US$5.2 billion this year, up 18.6 per cent-20.9 per cent against 2004, according to Le Quoc An, president of Vietnam Garment and Textile Association (Vinatas).

• (The People, Vietnam Economic Times)