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WTO membership emerges as boon for apparel sector
09 Feb '11
1 min read
The Vietnamese apparel firms have delivered excellent results, while taking advantage of the country's WTO membership.
The Ministry of Trade and Industry stated that, since the country attained the WTO membership, a 32 percent rise has been witnessed in the country's apparel exports.
The sector, generated record revenues worth US $11.2 billion during last year, and thus surpassed revenues from the country's biggest revenue generator crude oil.
With such good earnings, Vietnam is now placed amongst the world's leading 10 apparel exporters.
The US in January 2007, ended the quota system for the Vietnamese apparels, whereby the firms were at liberty to expand their operations in the demanding market.
The US constituting 55 percent of the country's total export value stands as the leading importer of Vietnamese apparels, while EU and Japan which occupy the second and third position, registered a rise of 10 percent in their imports from Vietnam.
Further, the WTO's move of bestowing Vietnam with the Most Favoured Nation (MFN) status has liberated the Vietnam's domestically made apparels from all sort of inequitable treatment, and has thus facilitated its exports to compete with the textile goods from other member nations of the WTO.
The Ministry of Trade and Industry stated that, since the country attained the WTO membership, a 32 percent rise has been witnessed in the country's apparel exports.
The sector, generated record revenues worth US $11.2 billion during last year, and thus surpassed revenues from the country's biggest revenue generator crude oil.
With such good earnings, Vietnam is now placed amongst the world's leading 10 apparel exporters.
The US in January 2007, ended the quota system for the Vietnamese apparels, whereby the firms were at liberty to expand their operations in the demanding market.
The US constituting 55 percent of the country's total export value stands as the leading importer of Vietnamese apparels, while EU and Japan which occupy the second and third position, registered a rise of 10 percent in their imports from Vietnam.
Further, the WTO's move of bestowing Vietnam with the Most Favoured Nation (MFN) status has liberated the Vietnam's domestically made apparels from all sort of inequitable treatment, and has thus facilitated its exports to compete with the textile goods from other member nations of the WTO.
Fibre2fashion News Desk - India
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