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U.S. firms push for preferential tariffs
U.S. firms are lobbying for Vietnam to be designated a beneficiary developing country, which will allow a range of Vietnamese goods to be exported to the U.S. without attracting import taxes.
The designation, under the U.S. government’s generalized system of preferences, or GSP, program, is designed to promote economic growth in the developing world by providing preferential duty-free entry to certain products.
“The program also offers mutual bilateral benefits, helping Vietnam to meet its economic potential while creating new opportunities and consumers for U.S. manufacturing and service companies and for U.S. investment,” said Matthew P. Daley, president of the U.S.-ASEAN Business Council.
The council is backing the bid for Vietnam to be designated a beneficiary developing country after a visit to Vietnam by a delegation of its members last month.
In May, Vietnam formally requested access to the program. The request is being considered by U.S. trade authorities.
Viet Tran from Vietnam Trade Office, a Washington D.C.-based trade service provider, said Vietnam met the criteria for becoming a beneficiary developing country.
Exempting goods from developing countries from import taxes helped American consumers and businesses keep costs down, according to the Vietnam Trade Office and Sidley Austin, a Chicago-based international law firm.
The statement said GSP saved U.S. importers nearly $1 billion in duties a year.
Some of Vietnam’s biggest export items – including textiles, clothing, watches, electronics, footwear and leather goods – would not benefit from the program.
However, seafood, furniture and fruit, Vietnam’s major foreign currency earners, would benefit from the program, as would the country’s exports of ceramics, precious metals, wooden items, flour and basketwork.
Vietnamese fruit exporters would increase sales to the U.S. if tariffs on their goods were waived, said Vietnam Fruit Association General Secretary Nguyen Van Ky.
Thanhnien
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