VIETNAM: EU To End Quotas On Vietnamese Textiles, Clothing
Quotas on textile and garments exported from Vietnam to the European Union are to be removed from 1 January 2005 after an agreement was signed between the two countries on Friday.
Vice Trade Minister Luong Van Tu and ambassador Markus Cornaro, who is heading the EU delegation to Vietnam, signed the deal in Hanoi, although it still needs final approval from both sides before coming into effect.
The EU is Vietnam's second biggest textile and garment export market after the US, with exports this year totalling US$633 million.
Minister Truong Dinh Tuyen said: "The agreement will create favourable conditions for our garment enterprises to develop on their own accord and actively enter the EU market."
Vietnam's garment industry has recently been troubled with allegations that the country's officials took bribes from businesses in return for quota allocations on exports to the US.
Over a dozen people, including Vice Trade Minister Mai Van Dau, have so far been arrested in connection with the accusations.
Quotas were imposed on Vietnam when it first signed a textile and garment agreement with the EU in 1992. The removal of EU quotas will help the country to retain its competitive edge as it prepares to join the World Trade Organisation. WTO members will be able to trade quota-free from 1 January 2005.
Help test our new apparel sourcing tool.
- Rana Plaza four years on – Timeline of change
- Why collaboration is key to fashion supply chains
- Industry groups reaffirm commitment to Bangladesh
- Trump and Brexit get a dose of pragmatism
- Using worker surveys to drive supply chain change
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- M&S extends sourcing deal with Lindsey brothers
- Gap unveils five-year sustainable fibres pledge
- US Q1 in brief – Columbia Sportswear, Amazon
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Outdoor performance apparel 2016: A broader perspective