EU's preferential tariffs will help Vietnamese footwear exports

Monday, Feb 10, 2014 16:49

Workers make shoes at Ha Tay Chemical-Weave Co., Ltd in Ha Noi. The Vietnamese footwear products exporting to EU will gain preferential tariffs under its reformed Generalised System of Preferences. VNA/VNS Photo

HA NOI (Biz Hub) — Viet Nam has gained preferential access to the European Union market under its reformed Generalised System of Preferences (GSP), according to the Viet Nam Leather, Footwear and Handbag Association (Lefaso).

Starting from the beginning of this year, the tariffs for Vietnamese footwear will be reduced from 7.69 per cent to between 3.5 and 4 per cent in three years.

The GSP, which is applicable from 2014, allows the developing countries to pay less or no duties on their exports to the EU.

Footwear, one of the major Vietnamese exports to the EU, had stopped receiving preferential tariffs from 2009 under the former GSP. Therefore, the EU's new GSP will help the Vietnamese footwear industry to become more competitive. — VNS

Comments (0)