Garment exporters sew up orders

Most members of the Vietnam Textile and Apparel Association have secured export contracts for the first two quarters, its vice chairman has said.

Many Vietnamese garment firms have refused orders as their incapability of fulfilling more contracts at the time.

Most of the contracts are mainly for customers from major importers, the US, Europe and Japan, Pham Xuan Hong said.

Apparel-textile exports last year were worth US$11.2 billion, up 23% over the previous year, and have toppled crude oil as the biggest foreign currency earner for Vietnam.

Shipments to the US, EU, and Japan rose 22% to $6 billion, 14% to $1.8 billion and 20% to $1.2 billion respectively.

The Ministry of Industry and Trade has set the sector an export target of $13 billion this year, up from the $11 billion it achieved last year.

Vietnam targets high, sustainable export value this year.

The fisheries sector will reduce export volume of some products, including tra and basa fish from over 600,000 tons in 2010 to about 300,000 tons in 2011 with the aim of raising revenue from products’ quality.

Meanwhile, the wood and forestry industries will implement trial sales following CIF (Cost, Insurance and Freight) in 2011 in replacement of FOB (Free on Board) despite payment procedures are more complicated.

The Vietnam Food Association (VFA) has created favorable conditions for businesses and localities to negotiate for large rice export contracts in 2011 and expand their linkage in seeds, cultivation and consumption.

The Ministry of Industry and Trade will implement the National Trade Promotion Program 2011 to support enterprises and help them surmount difficulties.

The country plans to gross $78.8 billion from exports, an increase of 10% over 2010 and a trade deficit of about $14 billion, about 18% of total export value.-Tuoitrenews

Tags: Vietnam garment exports, Vietnam Garment industry