U.S. expects to impose tariffs on Vietnamese PTY products on December 3

Date:

The US Department of Commerce will formally impose tariffs on Vietnam’s polyester textured yarn (PTY) products on December 3, based on the final positive decision report released by the Bureau of Foreign Trade at the end of October. Previous departments have maintained reserves until further notice.

The United States launched an anti-dumping tariff survey on polyester yarn products imported from Vietnam, Indonesia, Malaysia and Thailand in November last year, showing the possibility of yarn import tax.

The agency concluded on October 19 that the dumping margin was 2.58 percent, a decrease of 0.09 percent compared to Vietnam’s Century Synthetic Fiber Corporation’s provisional margin of 2.67 percent.

The US Department of Commerce will formally impose tariffs on Vietnam’s polyester textured yarn (PTY) products on December 3, based on the final positive decision report released by the Bureau of Foreign Trade at the end of October. Previous departments have maintained reserves until further notice.

The tax rate for this company is low compared to the tax rates in other countries under investigation that are taxed above 7.45%. However, all remaining Vietnamese companies are subject to a tax rate of 22.36%, down 0.46% from the provisional margin of 22.82%.

“The United States has not yet considered Vietnam as a market economy and is looking at data from India,” said Nguyen Phuong Chi, Chief Strategy Officer of Century Synthetic Fiber, in the study. “If we can use our documents, we can enjoy a tax rate of zero percent,” he was reportedly said by a Vietnamese newspaper.

Vietnam’s yarn industry reserves more than 70% of its production for export, of which up to 70% is exported to China. On the other hand, the main source of the yarn industry is cotton, with more than 50% imported from the United States and the rest from Brazil, India, Australia, West Africa and several other countries.

Fiber2Fashion News Desk (DS)

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U.S. expects to impose tariffs on Vietnamese PTY products on December 3

Source link U.S. expects to impose tariffs on Vietnamese PTY products on December 3

The post U.S. expects to impose tariffs on Vietnamese PTY products on December 3 appeared first on Eminetra.

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