|
Tax waiver on Vietnamese garment exports to Japan
Vietnam’s garments and textiles exports to Japan will be subject to zero percent import duties from October 1.
The tax waiver is part of the Vietnamese-Japanese Economic Partnership Agreement, which came into full effect the same day.
Statistics show that 80 percent of garments and textiles companies have managed to secure export contracts for the rest of this year, 40 percent of the contracts being signed with Japanese importers.
The President of the Vietnamese Textiles Association (Vitas), Le Quoc An, urged enterprises to focus on building up confidence in their products and to strengthen their relationship with Japanese importers right from the beginning with small contracts paving the way for bigger ones.
According to Vitas, Japan is one of the three largest markets for Vietnam’s garments and textiles. Many Vietnamese companies have won regular contracts to supply knitwear, ready-made suits, shirts and towels to Japanese trading companies, including the Dong Xuan Knitting Company, the Nha Be Garments Company, the Nam Dinh Textile Company and the Phong Phu Textiles Company.
The sector’s export turnover to Japan has steadily increased to US$820 million in 2008, accounting for 9 percent of its total earnings.
Although the impacts of the global financial crisis dampened worldwide demand, the sector’s exports to Japan in the first 8 months of this year hit US$605 million or 15 percent higher than the corresponding period last year.
The increase is more significant as the country’s garments and textiles export turnover fell slightly to US$5.9 billion and its overall exports to Japan dropped by more than 32 percent to US$3.9 billion.
VOV/VNA
|
