The government reduced the volume of source tax in readymade garments (RMG) sector from proposed one percent to 0.6 percent in the national budget of 2015-16 fiscal year. At the same time, the value added tax (VAT) in higher education in private sector was also reduced from proposed 10 percent to 7 percent. Finance minister AMA Muhith on Monday informed the House in his concluding speech on the proposed national budget. He also said the proposed source tax on Unani medicines and duty on

A customer examines leather shoes made by the Vina Shoes Corporation at a store in HCM City. Viet Nam has become the largest footwear exporter to Brazil with a turnover of $335.66 million last year. — VNA/VNS Photo Thanh Phan Viet Nam has become the largest footwear exporter to Brazil, accounting for 52.8 per cent of that country's market share. Viet Nam exported US$335.66 million worth of footwear to Brazil last year, the industry and trade's ministry's Industrial and Trade Information

Viet Nam is trying best effort to be a part of the global production chain, contributing into the world's production. — Photo vosco.gov.vn The apparel production scale in Asia will expand 2.4 per cent by 2030, accounting for over 60 per cent of global outputs. This was announced by chairman of Viet Nam Cotton and Spinning Association (VCOSA) Nguyen Van Tuan at a conference in Ha Noi on Thursday. At Viet Nam Textile Summit 2015, Tuan said, several free trade agreements such as the trad

A 274 million USD textile project run by a Taiwanese company got an investment certificate from southern Binh Duong province authorities on June 29. Polytex Far Eastern Co. Ltd, a member of Taiwan’s Far Eastern Group, will spend 274 million USD on phase one of the project, which will cover 99 hectares at the Bau Bang industrial and urban park. The factory will have an annual capacity of 21,600 tonnes of polyester fibre, 21,600 tonnes of polyester drawn textured yarn, 127 million square metre

American trade negotiators demanding Vietnam, a major garments exporter to reduce its reliance on textiles made in China, which isn’t part of the trade pact, to get preferential market access to the U.S. The Senate is expected to pass on Wednesday legislation to expand President Barack Obama’s trade-negotiating powers after a bruising battle that has put pressure on proponents to show that the 12-nation Trans-Pacific Partnership will create jobs in the U.S. The U.S., aiming to bolster America

The cotton industry has welcomed the allocation of nearly Australian $620 million in the New South Wales Budget for infrastructure that would help secure the water supply of rural towns in the state, Cotton Australia said on its website. Cotton Australia General Manager, Michael Murray, said the allocation of $53 million to fix the water supply for Broken Hill was particularly appreciated. “For many years the lack of a permanent water solution for Broken Hill has heavily impacted cotton gr

According to the Development and Reform Commission of Xinjiang Production and Construction Corps, the State Development and Reform Commission will give greater support to the Corps' project of constructing high-quality cotton growing base by allocating CNY 200 million from the central investment budget in 2015, which is up 1/3 from last year and equals to the total in 2012 and in 2014. The investment will be mainly used for industrialization of improved cotton seed, cultivation of high-yield cot

China will step up support for the textile industry in its troubled far western region of Xinjiang even as the government moved to shore up stability in an area where unemployment is seen as fuelling unrest, the official Xinhua news agency said. Hundreds have died in violence in Xinjiang, home to China's Muslim Uighur minority, in the past few years. The government blames the unrest on Islamist militants and separatists who want to establish an independent state called East Turkestan. Expe

Bangladesh's garment exports to American market will not be affected by the proposed Trans-Pacific Partnership, a mega trade deal involving the US and 11 other Pacific Rim nations including Vietnam, its main competitor in apparel trade, an economist said. The reason being the country is performing well now even after paying a higher duty than Vietnam to the American market, said Ahsan H Mansur, executive director of Policy Research Institute, a private think tank. At present, Bangladesh pa

The Chinese economy is healthy and has great potential for further development, a leading German economist has said. In the macroeconomic sense, the Chinese economy is still extremely healthy if one looks at the growth rate, inflation and balance payments, said Carsten Herrmann-Pillath, research professor of Economics Evolutionary sciences at Witten/Herdecke University in Germany, in a recent interview with Xinhua. He explained that the Chinese central bank has a lot of freedom to support