Vietnam : EU Exports Drop 3% In Q1
Vietnam’s textile and clothing exports to the European Union (EU) fell 3 per cent in the first three months of this year the country’s Trade Ministry has revealed. Compared with the same period last year, the export value of shipments to Germany, England and France dropped by 27.3 per cent, 26 per cent and 20 per cent respectively.
The non-WTO member country is losing out to China, India and Bangladesh – all of whom benefited from the lifting of quotas at the beginning of this year. Vietnamese garment and textile exports into the EU are also subject to a 12 per cent tax. Local companies are also said to be slow in processing orders, have a poor design capacity, capital shortage, and heavy reliance on imported materials. The Vietnam Garment and Textile Association has advised its members to diversify their products for specific markets, and to explore new opportunities in Africa and East Europe.
Just-style.com - April 7, 2005
|