Garment Outstrips Crude Oil to Become Largest Forex Earner
Textile and garment has surpassed crude oil to become Vietnam’s largest forex earner by making export turnover of US$1.27 billion in the first two months, up 0.7 per cent on-year, higher than crude oil of US$958 million, the General Statistics Office (GSO) reported.
In February, the apparel industry is estimated to rake in US$550 million, down 23.8 per cent on-month, the office said.
At present, textile and garment enterprises are facing a number of difficulties as their export orders sharply dropped so many of them have to narrow production by between 30 per cent and 50 per cent.
The Vietnam Textile and Apparel Association (Vitas) estimated around 10,000 textile workers, mostly at foreign-invested enterprises will fall into unemployment.
According to Vitas, apparel export turnover this year will be hard to hit last year’s figure of US$9.1 billion.
However, Prime Minister Nguyen Tan Dung in a recent meeting with the industry’s representatives asked the sector to make export turnover of US$10 billion-US$10.5 billion this year and ensure continued employment for the industry’s estimated two million workers.
The government pledges to provide support to the industry by adopting a number of favorable policies regarding exports, labor, finance and taxes. (GSO Feb 2009)
Vietnamese
