In an attempt to encourage clothing and textile firms to build their exports to the European Union and reduce their dependence on the US market, the Ministry of Finance has announced several changes to its quota charges.

According to the Vietnam Economic Times, quota fees for garment and textile exports to the EU will be halved, while those to the US will increase by 25-50 per cent.

The new fees range from VND2,400 to VND12,000 a dozen for exports to the EU and VND8,000 a dozen for those to the US.

In 2003, Vietnam earned US$3.7 billion from garment and textile exports, of which the US market accounted for $2.4 billion and the EU $500 million.