U.S. May Grant GSP to Vietnam Next Fall

The U.S. may grant the Generalized Systems of Preferences (GSP) to Vietnam exports next fall, a sign proving the ex war foes are tightening the closer trade and investment cooperation ties after Vietnamese Prime Minister Nguyen Tan Dung arrives in Washington recently, Vietnamese state media said.

 

Now Vietnamese exports to the U.S. market are imposed with differed taxes and if GSP is approved Vietnam like other exporters to the U.S. will have a number of commodities exempted tax and other goods to enjoy preferential taxes, Vietnam News Agency said.

 

The U.S. normally applies GSP to countries which are WTO members and granted Permanent Normal Trade Relations (PNTR) and Vietnam now satisfies both requirements.

 

During the recent landmark visit by Vietnamese Prime Minister Nguyen Tan Dung to the U.S. June 23 to 26, President Bush reaffirmed that the U.S. is considering Vietnam&rsquos request to join GSP program.

 

Between Jan and April, bilateral trade between Vietnam and the U.S. jumped 36.93 per cent to US$4.72 billion, the U.S. Department of Commerce said. Of which, Vietnam exported US$3.64 billion worth of commodities, up 21.92 per cent and imported US$1.08 billion goods, up 133.41 per cent on year.

 

The bilateral trade is expected to surpass US$15 billion this year, as compared with US$12.444 billion in 2007. (VNA)