VIETNAM: Garment Exports Will Not Meet Government Target
Vietnamese textile and garment producers are not going to meet the US$2.3bn export sales target set by the government this year claims the Ministry of Trade and other representatives from the textile and garment sector in a report in the Saigon Times.
A document released by the Ministry reveals that total exports of textiles and garments from the country are estimated to reach only 90 per cent of the set target.
According to the chairman of the Vietnam Textile and Garment Association and Vietnam Textile Corp (Vinatex), Le Quoc An, the target will only be reached if the Vietnam-US free trade agreement is completed in the first quarter of this year.
Vinatex has estimated that with the trade agreement in place within the first quarter then exports to the US would see a significant increase to around $200m.
A drop in production orders from the EU in favour of suppliers from Eastern Europe has also been blamed for the slow growth in Vietnamese textile and garment exports.
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