VIETNAM: Garment Chiefs Unhappy With $1.7bn US Quota
Le Quoc An hit out in the wake of the signing of the agreement which came into effect early this month and limits 38 categories of clothing and yarns that Vietnam can ship to the US this year.
The quotas will rise seven per cent a year for cotton products and two per cent a year for wool products.
But that has not satisfied An, who is also head of trade group Vinatex. He says the ceiling should have been set at $2.5bn and revealed trade chiefs plan to lobby the US to increase the quota.
Officials say Vietnam is expected to export $3.2bn worth of garments and fibres this year. The industry is one of the country’s key overseas earners and employs more than 1.6 million people at hundreds of factories.
An added if the quota was raised it would give the country's clothing firms the opportunity to export more raw materials from the US such as cotton.
The deal has also been attacked in the US with trade bodies like the American Textile Manufacturers Institute accusing the government of destroying the industry and putting thousands of people out of work.
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