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Vietnam:Exports remain stagnant despite quota expiry & EU
wavier of limits on textiles and garments |
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2005-3-15
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Exports of textiles and garments, particularly Vietnam’s knitwear exports, have been stagnant even though allocation of quotas in year 2005 is easier and the EU has abolished the quantitative limits, according to the Ministry of Industry.
Figures announced show that February estimates for textile and garment export turnover totaled only US$260 million, as much as 85 percent of that in January and 89.3 percent of last year’s same periods.
Meanwhile, the country’s textile and garment export turnover for January and February this year reached nearly US$566 million, up by only 1.4 percent over same period kast year.
Surprise of all was Vietnam Textile and Garment Corp. (VINATEX) performance showing positive growth as a consequence of steady export orders. The corporation’s turnovers of silk, knitwear and other garments rose between 2.9 and 13.9 percent with its two months exports reaching US$132.5 million, up by 79.5 percent over same period in 2004.
The process of allocation of textile quotas is underway and the Ministry of Trade and the Ministry of Industry are giving finishing touches for the 2005-2nd intake award quotas to enterprises with export achievement. As decided, the Inter-Ministry of Trade and Industry is going to issue the Regulations on transfer of export quotas and detailed guidelines on cooperation chain of the industry.
According to experts, Vietnam needs to prepare well in order to face global challenges of the expiry of the textile quotas and the ATC, and particularly that of the US textile and garment quotas. |
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