Vietnamese manufacturers to benefit from EU decision

Footwear is one of Vietnam’s major exports to the European Union (EU), and now the nation’s shoemakers look to benefit from the re-establishment of the Generalised Scheme of Preferences (GSP), which had been withdrawn five years ago. The GSP is a system by which the EU grants tariff reductions to developing countries. The Vietnam GSP becomes effective on January 1st 2014, and will allow companies to claim duty preferences when trading within the EU.

Vietnam is reportedly the second largest footwear supplier to the EU after China. Among products sold within the EU market, footwear is also the country’s second biggest hard currency earner, with $2.65 billion in 2012. Last year, Vietnam is said to have earned $7.26 billion from exporting footwear, some 6.3 per cent of its total export revenue.

Publishing Data

This article was originally published on page 6 of the May 2013 issue of SATRA Bulletin.

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