Garment exports earn 3.37 billion USD
(12/01/2003 -- 22:44GMT+7)
Ha Noi, Nov. 1 (VNA) - So far this year, Viet Nam has exported 3.37 billion USD worth of textiles and garments, a 38.3 percent increase over the same period last year.
According to the Ministry of Trade, the export value would have been higher if there had been no problems with exports to the US. The mismatch between the number of US-bound exports that were granted export licenses by the Vietnamese side and those registered by the US customs led to a temporarly halt in the granting of visas to some Vietnamese products.
Meanwhile, fierce competition from Chinese goods in the EU market, that are not restricted by quotas, also contributed to a decline in exports to that market.
To reduce non-tariff trade barriers, Vietnamese businesses have joined hands with their American partners in a new type of venture: American businesses sell raw cotton to their Vietnamese partners, who will use it to make garments for exports back to the US. This is considered a closed-circuit production model beneficial to both sides.
So far this year, 631 Vietnamese garment makers, accounting for half of those exporting products to the US, have received orders for 2004.
