Tag: VITAS

Vietnam continues to hold its position as the world’s third-largest textile and apparel exporter.

At the “Traceability of textile materials before the impact of the new geopolitical situation” workshop organized recently by the Vietnam Textile and Apparel Association (VITAS) and Cotton Council International (CCI) in Ho Chi Minh City, analysts said textile and garment enterprises are under great pressure from regulations on the traceability of raw materials in many stages of the industry supply chain.

On August 11, at a national conference between the Prime Minister and businesses, the Vietnam Textile and Apparel Association (VITAS) proposed that the government remove difficulties facing textile and garment enterprises by reducing or exempting certain taxes and fees, implementing the business recovery support package, and quickly approving the “Strategy to develop the textile and footwear industry to 2030 and vision to 2035”.

According to the Vietnam Textile and Apparel Association (VITAS), textile and garment exports reached $22.3 billion in the first half of 2022, up 17.7 per cent year-on-year. Exports in the second half are expected to reach $20-21 billion, bringing the total to $42-43 billion for the year as a whole.

The Ministry of Finance (MoF) has declined to adopt a proposal from the Vietnam Textile and Apparel Association (VITAS) in which it called for the purchase of domestic fabric for export production to be subject to a value-added tax (VAT) rate of 0 per cent. The industry is being weighed down by difficulties due to labor shortages and rising costs, making the 2021 target of exporting $39 billion worth of goods problematic.