Apparel May Outstrip Crude Oil to Top Vietnam Export List
Textile and garment will likely knock crude oil off the top of Vietnam’s list of exports, Vietnam Investment Review (VIR) said December 10.
VIR quoted Phan Thi Hong Ha, deputy director of the Ministry of Industry and Trade’s Department of Exports and Imports, as saying that the industry would leap frog crude oil on the list if global oil prices did not go over US$100 per barrel.
In 2007, the sector is expected to ship US$7.8 billion, an on-year rise of 31 per cent, surpassing the set target by US$300 million.
The industry also set the export target of US$9.5 billion for next year, up 21.8 per cent against this year.
Le Quoc An, chairman of Vietnam Textile and Apparel Association, said the target was ambitious because international competition would be fierce as the world’s biggest textile exporters China, India and Bangladesh planned to double their export volumes by 2010.
In addition, the U.S., the largest export market for Vietnamese products, would continue its monitoring program until the end of 2008.
However, he said the figure is achievable if Vietnamese companies keep enjoying good cooperation and make big changes. (VIR)
Vietnamese
