Vietnam Earns US$4.85Bln from Garment Exports in 2005
Vietnam’s garment and textile industry is estimated to earn US$4.85 billion from exporting garment and textile products this year, up 10 per cent from 2004 but not fulfilling the initial target of US$5.2 billion, according to Deputy Trade Minister Le Danh Vinh.
Of the total, the industry will earn US$2.62 billion from the US, up 6.1 per cent on-year and accounting for 54.1 per cent; US$850 million from the EU market, up 12 per cent and representing 17 per cent; US$630 million from Japan, up 17 per cent and holding 17 per cent.
The Ministry of Trade will grant automatic quota for all garment exports in the first half of next year. Next year the industry is expected to earn US$6 billion.
The industry now faces harsh and increasing competition from major garment exporting countries like China, Indonesia and India.
The Vietnam National Textile and Garment Group (Vinatex) plans to establish representative offices and showrooms in Germany and Hungary in 2006 to boost export to the EU market.
VietNamNet
Vietnamese
