Footwear – one of Vietnam’s key hard currency earners in the
European Union (EU) – looks to benefits it will reap from the General
Scheme of Preferences (GSP) offered by the market in 2014-2016.
to the Ministry of Industry and Trade, the European Commission has
officially resumed GSP for Vietnamese footwear after ceasing it for five
The EU’s decision, which will become effective from
January 1, 2014, will allow Vietnamese footwear to re-enjoy duty
preferences in the EU market.
Vietnam is now the second largest footwear supplier to the EU market after China .
Among products sold to the EU market, footwear is Vietnam ’s second
biggest hard currency earner, with 2.65 billion USD in 2012.
Last year, the country earned 7.26 billion USD from selling footwear
abroad, which accounted for 6.3 percent of its total export revenue.-VNA