Vietnamese garments made with Korean fabrics to enjoy tax incentives in EU

Source: VOV

19:07 | 08/02/2021 Import-Export Follow english.haiquanonline.com.vn on

Local garments and clothing items made using fabrics from the Republic of Korea (RoK) are set to enjoy lower tariffs than in the EU, according to a statement issued on February 8 by the Korean Ministry of Trade, Industry and Energy.

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.

Source: VOV

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