Garment exports pegged at $5bln missing target by $200mn
30 Nov '05
1 min read
Annual textile and garment exports from Vietnam are expected to reach US $5 billion this year, $200 million short of its 2005 target, said Le Danh Vinh, Deputy Minister of Trade.
But, he added that considering the limited quotas of Vietnam, 2005 is a successful year for its garment sector as the country recorded an annual growth rate of 10 percent.
To date, Vietnam has grossed $1.4 billion exporting 25 categories of garments to the US, being one of the largest importers of Vietnamese garments, Vinh mentioned.
Further, the application of automatic visa-granting regime in October boosted Vietnam's garment exports to US.
While Government of Vietnam has requested the US government to extend the deadline of its garment and textile agreement with Vietnam, Deputy Minister Vinh said Vietnam has amended catalogues and tax rates for the US garments exported to Vietnam following the proposal of US.
Vinh opined that if the US extends garment and textile agreement with Vietnam, it is likely to gain a quota limit of $1.7 billion in 2006 for its garment exports to the US, which would be an increase of 6-7 percent against this year.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
