Quota fee for apparel exports to US abolished

Vietnam has exported $675mil worth of apparel to the US so far this year.

Vietnamese apparel exporters will not have to pay a quota fee any more, the Ministry of Finance decides.

It was good news for 800 garment enterprises that have their products exported to the US when Deputy Minister of Finance Truong Chi Trung yesterday, July 26, signed a decision to stop quota fee collection.

The decision was made after several adjustments to quota fee rates. The remission has been applied to many categories of products, with a quota fee imposed only on ‘hot’ categories.

Mr Trung told VietNamNet that it is hoped that the decision will improve the gloomy picture of apparel exports so far this year.

According to Mr Trung, the total quota fee collected from apparel exporters is rather small, about VND50-55bil a year.

The Ministry of Trade applauded the decision by MOF, saying that it would ease the difficulties enterprises are now facing. MOF also stressed that the move is a preparatory step for integration into the world’s economy.

Currently the US remains the only country applying the quota mechanism on Vietnam ’s apparel exports.

Vietnam has exported $675mil worth of apparel to the US so far this year.

(Source: Vietnam Net)