Garment sector gears up to meet FTA’s rules of origin
AsemconnectVietnam - To take full advantages of free trade agreements in general and the EU-Vietnam free trade agreement in particular, it’s important that Vietnam’s garment and textile products meet stiff rules of origin. The issue was discussed at a recent workshop in Hanoi.
According to experts, if failing to meet rules of origins, Vietnam’s textile and garment products won’t enjoy tax incentives offered by FTAs.
The EU-Vietnam Free Trade Agreement will come into force in 2018, connecting Vietnam - one of ASEAN’s most dynamic manufacturing hubs with the EU – one of the world biggest markets with GDP of over 18 trillion USD, accounting for 22 percent of the world’s total GDP and a population of over 500 million. 99 percent of EU tariffs on Vietnamese products will be removed.