Vietnam eligible for US preference

Hanoi, May 23, 2008 (Asia Pulse Data Source via COMTEX) -- -- ? Economic experts say Vietnam is eligible for the US Generalised System of Preference (GSP) this year because the country has made progress in its transformation to a market-oriented economy.

They said the US ?s GSP grant to Vietnam will be part of the two countries? acceleration of bilateral cooperation.

According to the Ministry of Industry and Trade, the US applies ?normal trade relations? (NTR) on Vietnam ?s products, making them less competitive than goods of the same kind from GSP-granted developing countries in the US market.

To take full advantage of GSP, Vietnam needs to select and develop key export items to the US market, the experts said.

Most Vietnamese commodities exported to the US now reap an annual turnover of under 1 million USD.

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