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32 countries to remove China from preferential tariff treatment on Dec. 1

6 November, 2021 by Phạm Ngọc Thái

32 countries to remove China from preferential tariff treatment on Dec. 1

TAIPEI (Taiwan News) — China Customs says 32 countries will no longer provide preferential tariff treatment to the world’s largest exporter from Dec. 1, and an economic expert says labor-intensive businesses will bear the brunt of the development.

According to a statement recently issued by the General Administration of Customs of China (GACC), 32 countries will remove China from their trade preference lists of beneficiaries of duty-free tariff treatment of certain products, Hong Kong media reported. The GACC applauded the move as “a recognition from other advanced economies that China does not belong to the bracket of low-income and lower-middle-income countries anymore and that Chinese products are competitive enough in the market that (they need) no protections.”

“We are ‘graduating’ from the GSP (Generalized System of Preferences) program and are ’sort of’ moving towards becoming a mature economy,” it stated.

The preferences were given to China starting in 1978, and some 40 countries have granted or are still giving it duty-free treatment on certain exports. Starting Dec. 1, 27 EU nations, the United Kingdom, Canada, Turkey, Ukraine, and Liechtenstein will no longer grant China this treatment, leaving the nation eligible for GSP trade benefits from only three countries — Norway, New Zealand, and Australia.

Chunghwa Economy and Finance Association Deputy Secretary General Tseng Chih-Chao (曾志超) told RFA that the end of duty-free market access to China will leave little impact on its overall exports. Labor-intensive and low-margin businesses, however, will bear the brunt, and that might speed up the relocation of production from China to other developing countries as a result, he said.

Transaction report of related person Phan Nhu Bich

13 April, 20235 November, 2021 by Phạm Ngọc Thái

Transaction result of Affiliated person of Related person Pham Ngoc Thai

13 April, 20232 November, 2021 by Phạm Ngọc Thái

Anti-dumping duties on polyester filament yarn originating from China, India, Indonesia, and Malaysia

1 November, 2021 by Phạm Ngọc Thái

Anti-dumping duties on polyester filament yarn originating from China, India, Indonesia, and Malaysia

On October 13, 2021, the Ministry of Industry and Trade issued Decision No. 2302/QD-BCT on the application of official anti-dumping measures (CBPG) to a number of polyester filament products originating from China, India, Indonesia and Malaysia. Accordingly, the Ministry of Industry and Trade continues to maintain the anti-dumping tax previously applied under Decision No. 2080/QD-BCT dated August 31, 2021 to apply temporary anti-dumping tax on some polyester filament products from the above countries.

The Ministry of Industry and Trade started investigating the case from April 2020 on the basis of the request of the domestic manufacturing industry submitted in November 2019. The investigation process of the case is carried out in accordance with the provisions of the Law. Management of foreign trade and related regulations as well as the Anti-Dumping Agreement of the World Trade Organization. In the context of the Covid-19 pandemic, in order to facilitate the relevant parties to prepare sufficient information and data as well as to clarify the impact of dumping on the operation of the domestic manufacturing industry, including downstream manufacturing industries, the Ministry of Industry and Trade has extended the time limit for investigating the case to October 6, 2021.

The results of the official investigation showed a sudden increase in the amount of investigated goods imported from China, India, Indonesia and Malaysia. In particular, in the context of Covid-19, polyester filament yarn imports in the first 6 months of 2021 reached nearly 258,000 tons, up 37% over the same period in 2020. Dumping imported goods was the main cause of causing great damage to the domestic industry.

The application of official anti-dumping measures will contribute to creating an equal competitive environment for domestic industries, enhancing the autonomy of input materials, thereby enhancing value – added and competitiveness of Vietnamese products and enterprises in the global value chain. In addition, Vietnam has joined many Free Trade Agreements (FTAs), creating favorable conditions for many economic sectors, including textiles, to expand export markets. However, in order to enjoy tariff preferences, the domestic manufacturing industry must meet strict rules of origin according to each FTA. Therefore, increasing the initiative in the production of raw materials, meeting the requirements of origin will help the textile industry to take advantage of the benefits from FTAs.

In the coming time, the Ministry of Industry and Trade will continue to coordinate with relevant ministries and related parties to monitor the impact of trade remedies, production situation, supply-demand, prices, etc. to ensure a fair competitive environment with equality and convenience for the manufacturing industry in accordance with regulations.

ORIGINS	PRELIMINARY RATE %	FINAL RATE %
INDIA	54.9%	54.9%
INDONESIA	21.94%	21.94%
MALAYSIA	21.23%	21.45%
CHINA	3.36%-17.45%	3.36%-17.45%

Recycled polyester challenge 2025

20 January, 20221 November, 2021 by Phạm Ngọc Thái

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BOD Resolution approving STK share transferring at EDYE Vietnam

13 April, 202328 October, 2021 by Phạm Ngọc Thái

BOD Resolution pertaining to the share offering

25 October, 2021 by Phạm Ngọc Thái

According to the General Statistics Office of Vietnam, Vietnam made $ 13.18 billion in the first six months of the year thanks to exports of textile and garment products. Meanwhile, data provided by the Bangladesh Export Promotion Bureau shows that Bangladesh earned $ 11.92 billion from exporting ready-to-wear products during the same period. However, both countries suffered a decline in exports of this commodity because of the pandemic.

Bangladeshi garment exporters explain to a Bangladeshi daily newspaper – that the Covid-19 pandemic has left them lagging behind Vietnam. Mohammad Hatem, Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) told : “Bangladesh’s garment industry has plummeted during March, April and May due to activity. production and supply chain are interrupted by the ban being enforced to stop the spread of coronavirus ”.

“Vietnam’s production activities are not too disrupted because it has better control the spread of Covid-19” – Mr. Hatem said. Bangladesh, the second largest garment exporter after China, fell 20.14% to $ 2.25 billion in March and 85.25% to $ 375 million in April, the biggest drop in history. Exporter of this country. In May, apparel export earnings improved and stood at $ 1.23 billion but still suffered a 62% decline. In June, exports showed signs of recovery, to $ 2.24 billion.

http://textilefocus.com/vietnam-surpassed-bangladesh-garment-textile-exports-first-6-months-2020/