Socialist Republic of Vietnam

Ha Noi, Aug. 7 (VNA) -- Measures to expand markets and increase exports in the context of global competition were discussed recently by 50 leading garment and textile enterprises with the Trade, Planning Investment, and Finance Ministries.

At a workshop held in Ho Chi Minh City on Aug. 6, the participants stressed the importance of the Government's support for their efforts in rationalising production and increasing productivity.

The garment and textile industry in the first seven months of this year earned USD 1.146 billion from exports, a year-on-year increase of 12 percent. The export revenue from the quota markets was USD 390 million, or a 6 percent year-on-year increase, while that from the non-quota markets was USD 756 million, or a 15 percent increase. The EU and Japan alone made up 64.1 percent of the export volume. Other markets saw sharp increases with Russia contributing USD 23 million, an increase of 70 percent, and the Republic of Korea, USD 51 million and an increase of 65 percent.

The industry has to earn USD 1.1 billion to reach the yearly plan in the five remaining months of this year. As Viet Nam's major markets continue to meet with a reduced demand for many of their goods, and the Euro continues to depreciate, the target will be a challenge.

The participants suggested continued negotiation with the EU and Canada to expand markets for Vietnamese garments and textiles and establishment of a large-scale material trading centre to help foreign and local investors pour money into material production and accelerate market expansion.

They also suggested the Government encourage domestic enterprises to sell products at FOB prices, encourage foreign investors to build auxiliary material factories, and give priorities in granting quotas to enterprises capable of producing under direct orders.--VNA