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Vietnam : Textile & garment exports to US, EU up |
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2005-7-25
Ministry of Trade informed that the textile and garment industry has registered increase in exports to the US and EU, Viet Nam’s biggest markets.
The revival follows a poor performance in the first half of the year, which saw export increase by just 0.3 per cent over the same period last year.
This riase has been attributed to renewed Government efforts to ensure quotas are appropriately distributed on the US market through automatic allocation, along with a commitment from China to limit garment exports to the EU.
Between June 27 and July 9, export earnings for the textile and garment industry reached around US $200 million, a record growth rate this year and pulling back the industry on track to earn between $450-500 million this month, said the ministry.
Officials of the Textile and Apparel Quota Administration Division (TAQAD) said the automatic quota allocation policy recently adopted by the trade and industry ministries, which allows export quotas to be granted to local firms upon demand rather than according to pre-determined allocations, was the main factor behind the recovery of the US export market.
Just one month after the implementation of the policy, "hot" product categories such as Cat 347/348 (cotton trousers) and Cat 341/641 (cotton and synthetic shirts for women) posted an average growth rate of 15 per cent, bringing the total US export earnings from these categories to about $250 million for the year so far.
The policy will be observed until around 80 per cent of the total quota volume for each item is filled, said the Ministry of Trade.
Looking to capitalise on the garment quotas available to the US market, TAQAD requested on Wednesday that US importers inform them of their order plans until the end of the year for categories 347/348 and 647/648 (synthetic trousers), which the trade and industry ministries say will be distributed according to the automatic allocation policy until August 31 of this year.
In a letter sent to US importers, the division also warned firms that the allocation policy could cause difficulties arising from the limited volume of quotas available.
Because of these potential drawbacks, the trade and industry ministries are exploring measures to guarantee certain benefits to US importers, particularly larger firms, which are willing to confirm orders up to the end of the year for the two specified categories.
The letter stressed that any benefits available will be implemented on an equal and transparent basis, and requested that larger importers submit feasible orders based on the remaining volume of quotas.
So far this year, Viet Nam has earned $860 million in overall export revenue from the US market, reported the Ministry of Trade.
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