Vietnamese garments made with Korean fabrics to enjoy tax incentives in EU
Previously, clothing items had been required to be made using locally produced fabrics in order to get the benefits of the EU-Vietnam Free Trade Agreement (EVFTA).
Subsequently, the Korean Ministry of Trade, Industry and Energy has revealed that with the Republic of Korea (RoK) representing the second-largest supplier of fabrics in Vietnam, the latest policy will cause greater demand for products from the RoK in comparison to other competitors such as those from China and Taiwan (China).
In line with this, the country has to import up to 80% of raw materials in order to meet the needs of the domestic garment and textile industry.
Last year saw China make up 55% of the nation’s fabric imports, followed by the RoK, Taiwan (China), and Japan, accounting for 16%, 12%, and 6%, respectively.
Most notably, the country’s fabric exports from the RoK declined by 18.4% on-year to US$2.35 billion last year.
Related News
GDVC assigns minimum targets for overdue tax debt collection and settlement in 2024 to customs departments
08:02 | 03/04/2024 Customs
Lang Son Finance, Tax and Customs agencies needs to proactively capture information to develop the border gate economy
15:59 | 21/03/2024 Customs
Why not reduce export tax on fertilizer products to 0%?
09:37 | 21/03/2024 Regulations
Tax Industry actively supports during the peak month of tax settlement
13:56 | 16/03/2024 Finance
Latest News
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
More News
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Your care
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export