Textile and garment industry of Vietnam is to face tough competition.
The Ministry of Finance has decided to slash the import tariff under the WTO commitments on 26 product lines, mostly consumer goods including cosmetics, apparel products, floor tiles, watches, and plastic home appliances from the beginning of 2007.
This tariff cut will provide an advantage to the consumers. But the local textile and garment industry production and product prices will have to bear a loss. The industry will suffer from the steepest cuts comparable to 63 percent of the original tax rates.
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