Vietnam Intends To Raise The Import Duty Of Polyester Staple Fiber From Zero Tariff To 2%

To alleviate the fierce competition in Vietnam's domestic products and increase sales of domestic products, Vietnam's Ministry of Commerce and industry intends to raise the import duty of polyester staple fiber (Polyesterstaplefibre) from zero tariff to 2%.

The import tax adjustment product tax code number is 55.01, 55.02, 55.03, 55.04, 55.06 and 55.07 respectively.

Vietnam's Ministry of industry and Commerce said that Vietnam imports about 150000 metric tons of fiber every year, but Vietnam's domestic manufacturers have yet to produce the highest production capacity.

PVTEX, the largest producer of fiber, is hard to compete with imported goods, so the manufacturer has only 50% of its design capacity.

Because of the decline in international oil prices,

The price has also dropped sharply.

The price of the product dropped from 2014 to 1340 US $970 per metric ton, and it is still difficult to compete with imported products. The current sales price is even lower than the production price of the product.

Vietnam Ministry of industry and Commerce said

TPP consultation is being carried out, among which there are standards of origin for starting from yarn (yarn-forward). It is extremely important to encourage the use of domestic fibers in order to enhance the competitiveness of Vietnam's textile industry.

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A comprehensive survey of India's textile and garment industry can be divided into yarn and fiber (including natural and man-made), processing fabrics (including wool, silk, jute textiles, cotton textiles and technical textiles), ReadymadeGarments (RMGs) and clothing.

As the second largest fiber producer in the world, India, the main production type is cotton, and produces all kinds of fabrics with up to 23 different varieties of cotton. Others include silk, linen, wool and man-made fibers. The multi production makes India's fiber products occupy an important position in the world. With abundant labor force, it also makes the locals the world's purchasing center. It is estimated that the market of textiles and garments in India will reach 221 billion US dollars in 2020.

In recent years, the most significant change in India's textile industry is the emergence of MMF. India has successfully sold innovative man-made fiber textiles to the world. In 2013, the annual output of man-made fibres and cotton yarn in India increased by 6%, the annual output of non cotton yarn increased by 5%, and the annual output of the clothing and accessories industry increased by 2%.

Under the official support of India and the India Garment Export Promotion Council (AEPC), from 2014 to 2016, the export of garments in India is expected to reach US $60 billion.

In fact, India is the third largest cotton producer in the world after Mainland China and the United States. It is also the largest jute producing country and the second largest producer of raw silk in the world.

India's textile related products, including Handlooms, account for 61% of the world's total output.

Textile exports accounted for 30% of India's total exports in 2013 and 27% of total foreign exchange through textile exports. It is estimated that this year (2015) will have a target of 220 billion US dollars.

Therefore, the growth and development of this industry has a direct impact on the economic lifeline of India.

In India, the demand for clothing has increased due to economic growth and rising people's income. At present, the government has allowed foreign direct investment in the textile industry one hundred percent. From April 2000 to February 2013, foreign direct investment (FDI) amounted to US $1 billion 220 million. The global apparel factories including HugoBoss, LizClaiborne, Diesel and Kanz have all set up factories in India.

The global retail apparel giant has outsourced production to India, and the industry has also increased its value chain. In the next ten years, Africa and Latin America will be the main market for India textiles.