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Vietnamese apparel sector urged to exploit FTAs
07
Jun '12
Textile and garment businesses in Vietnam have been called on to fully exploit the Free Trade Agreements (FTAs) to grow their export markets and product portfolios.

According to Viet Nam Textile and Garment Association General Secretary Dang Phuong Dung, exports to emerging markets like India, China and Laos have grown significantly in recent times. However, as Vietnamese enterprises greatly rely on traditional export markets, they are facing difficulties due to fall in demand from these markets.

Deputy General Director of the Viet Nam Textile and Garment Group Hoang Ve Dung informed that the industry's growth rate declined by almost 50 percent during the first five months of the current year, over last year. Despite that, this is the most favourable period of the year for exports, textile enterprises are finding it difficult to book new orders, he added.

As stated by the Export and Import Department Director Phan Van Chinh, mainly attributable to the processing industry, merchandise exports are still growing at a faster pace. Registering a year-on-year rise of 35.6 percent, the sector made US$ 26.13 billion in exports during the January-May this year. The sector's contribution to overall exports of the country came to over 60 percent.

According to the Ministry of Industry and Trade's Import and Export Department's statistics, benefiting from the preferential tariffs under the FTA's, overall export turnover of the country reached US$ 5.5 billion during the first five months of the current year, a 66 percent higher than the turnover clocked during corresponding period last year.

An official of the department advised exporters to focus on countries with which Vietnam has signed FTAs to ensure that the country is able to meet its export targets for the current year.

Fibre2fashion News Desk - India

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