Vietnam's textile industry sets higher export targets

by:JIYALI     2021-08-04
In 2008, the foreign exchange earnings of Vietnam's garment and textile industry will increase by more than 23% to reach US$9.5 billion.   The United States and Japan are still the largest export markets for Vietnam’s textile and garment industry, with US$1.8 billion and US$800 million respectively.   However, Le Quoc An, president of the Vietnam Garment and Textile Association, pointed out that the garment and textile industry is facing some major difficulties, such as high dependence on imports of raw materials, shortage of workers, high prices, and intensified fierce competition in the international market.   The removal of China’s quota by the European Union in 2008 will make Vietnam’s export situation even more difficult.   Other difficulties in the Japanese market, such as lowering import tariffs on products from the six ASEAN countries (Singapore, Malaysia, Philippines, Indonesia, Myanmar and Thailand), but at the same time continuing to impose 100% tariffs on Vietnamese products.   There are risks in the U.S. market. Exports to the U.S. account for 55% of Vietnam’s export revenue, but the U.S. continues to implement anti-dumping surveillance mechanisms on Vietnamese clothing and textiles.   He said that domestic apparel and textile companies should establish close cooperation with major US importers and refrain from signing low-price contracts, because such contracts will affect the national average price and accelerate the establishment of anti-dumping cases in the United States. Hoa Tho’s export business to the United States accounts for almost one-third of the company’s export business. The company’s CEO Tran Van Pho said that the company will expand its exports to the world’s largest economy, focusing on high value-added products, so it can jump out of business. Dumped product range.   The Vietnam Garment and Textile Group also requires the government and related agencies to take tough measures to deal with trade barriers and dumping controls. They also suggested expanding investment in infrastructure, accelerating the reform of management mechanisms, and enhancing the image of trade and industry.  The industry association has called for speeding up the negotiation process of a free trade agreement with Japan. They emphasized that this agreement is a key measure to expand market share.   The apparel manufacturing and textile industry set a record for total revenue growth of 31% in 2007, reaching approximately US$7.8 billion. The United States is the largest market, with imports of US$4.5 billion, followed by the European Union and Japan.
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