GSP Expected to Boost Vietnam-US Trade Ties

 

GSP is an assistance programme that several developed countries offer developing countries by reducing import taxes on their products. Currently, the US is granting GSP for 132 countries and territories with around 3,400 tax lines. Vietnam is exporting 1,000 products of these tax lines.

In a letter, the VCCI chairman affirmed that “Being a WTO member from November 1, 2007 and signing and implementing over 200 bilateral trade agreements with international partners, Vietnam is making efforts to further integrate into the world economy under market and trade liberalisation regulations. Local government has carried out important and comprehensive reforms to create a safe and fair business environment to ensure investors’ ownership and workers fundamental interests and build regulations to protect intellectual property rights by issuing many key legal documents and enforcement mechanisms. This has received high appreciation from Vietnamese business circles and foreign investors, including those from the US.” He added that “Enjoying GSP is one of the key factors that will boost trade cooperation between Vietnam and the US”.

On behalf of the local business community, the chairman expressed his desire to be granted GSP from the US, which will help to promote bilateral trade relations and bring about mutual benefits.