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Vietnam:Apparel export up 18% at US$4.25bn |
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2004-11-30
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Vietnam is expected to export US$ 4.25 billion worth of textiles and garments in 2004, an increase of over 18% as compared with 2003.
In 2003, Vietnam exported around US$ 2514 million worth of apparel and textiles to the US, an increase of 158.8% over 2002.
Commenting on the country’s prospects post textile quotas, Secretary of the Vietnam Garment and Textile Association, Le Van Dao sounded optimistic and said that the removal will open new business opportunities. He said that those local apparel companies which are good at attracting clientele, selecting the right product mix of items for export and pragmatic business strategy will definitely win contracts and log in strong development despite pressure from China and India.
Experts advise that great challenge to Vietnam will be sourcing of raw materials from abroad and being WTO outsider.
Reliable industry sources predict that the country’s textile industry exports value which increased from US$ 1.15 billion in 1996 to US$ 3.6 billion in 2003 is expected to reach US$ 7-7.5 billion by the year 2010. |
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