Target of 1.6-1.8 billion USD of garment exports to the EU
(Tien Phong) Only coming second after the US, EU has always been considered a traditional and potential market for Vietnam’s garments and textiles, said the Export Department under the Ministry of Industry and Commerce.
The turnover of garment and textile is Vietnam’s second biggest export to the EU. According to statistics, Vietnam’s garments and textiles export turnover to the EU only reached 537.1 million USD in 2003, surged to 760 million USD in 2004, rose to 882.8 million USD in 2005, exceeded 1 billion USD in 2006, and recorded 1.432 billion USD in 2007. This record figure shows a 15 percent increase over 2006, 62.2 percent increase of 2005, and three-fold increase over 2003.
According to experts, the EU market is high income and has a diversified demand for garments and textiles products that is in accordance with Vietnam’s production capabilities. These are good conditions for the country’s garments and textiles to penetrate the EU market.
According to a plan by the Ministry of Industry and Commerce, garment exports in 2008 will be 9.5 billion USD, an increase of 21.8 percent over 2007. Of this, the US is expect to import 5.3-5.5 billion USD of Vietnam’s garments and textiles, the EU market with 1.6-1.8 billion USD and the Japanese market with nearly 800 million USD.
Experts also said that the US and EU are suggesting drafts regulating labels for garments and textiles, footwear, and tourism products. Accordingly, the labels on garments and textiles exported the two markets must specify origin, kind of fabric, and instructions for use. Thus, Vietnamese businesses must be careful when they receive orders and set up suitable production plans.
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