The export tax on Vietnam’s footwear to the European Union (EU) will decrease from 14 percent down to 3 or 4 percent in 2014.
This change is to update the EU’s Generalized Systems of Preferences (GSP). The tariff will be effective for 3 years starting January 1, 2014 to December 31, 2016.
Vietnam is one of 5 largest countries to produce and export footwear to EU and USA market. Vietnam’s export is listed the second after China.
In 2013, the export turnover of leather footwear and handbags’ products reached US$10.32 billion, an increase of 18 percent compared to 2012 and passed 3 percent compared to its target. In January 2014, the export turnover of these products reached US$ 1.3 billion, increasing 12 percent.
The export turnover in 2014 is expected to reach up to US$ 11.33 billion, according to Vietnam Leather and Footwear Association.