Enterprises not using up quotas will be fined

The Ministry of Trade (MoT) yesterday released a notice regarding the new mechanism of apparel quota allocation, saying that enterprises that do not use up allocated quotas will be fined.

From August 1 to October 31, 2005 , inter-Ministries of Industries and Trade will apply an automatic visa granting scheme on export products to the US , including 334/335, 342/642, 359/659S, 638/639 categories. The ministry has also announced the renewal of automatic visa granting schemes applied on two hot categories 347/348 and 647/648 until October 31.

In order to receive automatic visa allocation, businessmen have to register export volume and delivery schedules with MoT. Enterprises that do not use their allocated quotas will be fined.

The new mechanism has met the requirements raised by of nearly all enterprises at the recent meeting to review apparel export over the last six months. Many enterprises requested an extension to automatic visa granting provided that they register export volume with MoT. This will help prevent quota shortage by the end of the year.

(Source:VietnamNet)