Vietnam Reduces Tax for Garments Imported from EU and US

Vietnam Reduces Tax for Garments Imported from EU and US

Textiles and garments imported to Vietnam from the United States and the European Union will bear a tariff rate of 5 per cent, 2 per cent lower than previously announced early this year, according to a decision made by the Finance Ministry on March 8.

The tax decrease will be applied for all garment lots that were registered with customs as of January 1, 2005 and certified for export to the EU and US.

Businesses that have paid the old tariff rate for imports registered on and after January 1, 2005 will be refunded the difference.

The move is part of a commitment from the 2005 Vietnam-EU agreement on opening up markets and the Vietnam-US Textile Agreement.
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