Vietnam targets $4.25 billion garment exports in 2004
HANOI - Vietnam's Deputy Prime Minister Vu Khoan has urged the country's garment and textile manufacturers to raise exports to $4.25 billion in 2004, from $3.6 billion this year, the Vietnam News Agency reports Wednesday.
Khoan wants the sector to increase investment in technology, design and materials, and expand to quota-free markets. He was speaking to a conference reviewing the country's export activities this year and preparing for plans in 2004. The sector should explore new export markets in 2004 and not focus exclusively on the U.S. as it did this year," Khoan was quoted by the VNA as saying.
"Companies should promote exports to the E.U., Japan, Canada, Australia, the Middle East and Africa," he said. The government will give bonuses to exporters who can sell garments and textiles to markets that are tough to crack, he noted.
Of the total target of $4.25 billion, sales to quota-free markets would ideally be $1.73 billion, and the balance would be aimed at the U.S., Europe, Canada and Turkey, said the Deputy Minister of Trade Mai Van Dau, who also attended the conference. This year Vietnam's total garment exports were up 30% from last year. To the U.S., exports were up 100% on year at $1.95 billion.
In 2004, Vietnam's biggest market for apparels will continue to be the U.S., with sales totaling $2.2 billion, followed by the E.U. with sales of about $900- $950 million and Japan $550 million, Dau said. Vietnam will encourage E.U., U.S. and Japanese companies to invest in the local textile-garment sector as a way to boost exports. Trade official weren't immediately available for follow up comments.
Dow Jones Newswires - December 16, 2003
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