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Vietnamese Govt Plans to Abolish Duty-free Policy on Low Value Imports from Mid-Feb
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The Deputy Prime Minister had signed a resolution on last Friday (3rd) to cancel the tax exemption for low value imported goods, which will take effect from 18 February, the Vietnamese government issued a statement last Saturday (4th) saying. This measure is to crack down on goods sold through e-commerce from foreign countries to Vietnam, according to foreign media. Fast fashion e-commerce firm, Shein, expanded its sales network to Vietnam more than 3 years ago, while PDD Holdings (PDD.US)'s Temu entered the market in early September 2024, in accordance with the report. However, these Chinese e-commerce platforms offered steep discounts, making it difficult for traditional Vietnamese retailers and e-commerce firms to maintain their market share in the face of fierce competition. AAStocks Financial News |
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