Want to be in the loop?
subscribe to
our notification
Business News
APPAREL, HANDBAG ASSOCIATIONS PETITION GOV’T OVER POTENTIAL TAX IMPOSITION FROM U.S.
The Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) have written to the prime minister asking for help due to a high risk of duties being imposed on Vietnamese textiles and footwear imported into the United States.
The U.S. Trade Representative (USTR) announced that it would launch an investigation related to “Section 301” of the U.S. Trade Act, which will negatively affect Vietnamese exports to the country.
As such, the associations promptly proposed that the Government direct the relevant ministries and agencies to adopt appropriate measures to protect the rights and interests of the apparel and footwear sectors over the risk of tax imposition.
The two associations are the second largest suppliers of apparel and footwear to the United States, Tuoi Tre Online reported.
After being informed of the investigation from the United States side, VITAS and LEFASO quickly worked with the American Apparel and Footwear Association (AAFA) and the Footwear Distributors and Retailers of America (FDRA), according to the associations.
Due to the importance of Vietnam’s supply of apparel and footwear, AAFA and FDRA had proposed that the USTR should consider not interrupting the supply chain, said the two Vietnamese associations.
AAFA said that Vietnam has been the key trade partner of the United States in the apparel and footwear industries. Slapping punitive taxes on goods imported from Vietnam is expected to interrupt the supply chain and push prices up, affecting customers from the United States.
Besides, FDRA said that U.S. firms that intend to shift their operations to Vietnam would also face tax imposition. If USTR launches the “Section 301” investigation, U.S. apparel and footwear firms will face tough times ahead.
A hearing is set to take place in the United States on December 29.
Source: The Saigon Times
Related News
![Card image cap](/uploads/news/Eco2.jpg)
GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION
Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.
![Card image cap](/uploads/news/economic.jpg)
VIETNAM’S H1 ECONOMIC GROWTH QUITE IMPRESSIVE: ADB COUNTRY DIRECTOR
Country Director of the Asian Development Bank (ADB) for Vietnam Shantanu Chakraborty has expressed his impression of the Southeast Asian nation’s economic growth of 6.4 per cent in the first half of this year. The growth was mainly driven by strong trade recovery, where export grew by 14.5 per cent and import by 17 per cent over last year, he told the Vietnam News Agency. However, he said, the domestic segment remained sluggish.
![Card image cap](/uploads/news/Infrastructure13.jpg)
REAL ESTATE FIRMS AGGRESSIVELY RESTRUCTURING BOND DEBT
From the start of 2024 to July 5, the market saw 133 private placements and ten bond public offerings, totalling over VNĐ140 trillion. 65.6 per cent of this value was from the banking sector, while real estate bonds accounted for only 24.6 per cent, or over VNĐ34.5 trillion.
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.