Wal-Mart Wants to Import More Garments from Vietnam
The world’s leading distributor Wal-Mart wants to import more of Vietnam’s garment products due to its low-cost apparels, Saigon Times Daily reported.
Representatives of the US giant made the announcement at a recent meeting with the Vietnamese Ministry of Trade (MoT).
A MoT official said the meeting aimed to help Wal-Mart better understand Vietnam’s garment and textile industry, as many US importers are concerned over possible strict monitoring against the Southeast Asian country’s apparel exports.
“Wal-Mart expects to import more Vietnamese garment products. However, no official agreement or commitment has been mentioned at the meeting,” the official said.
Many Vietnamese exporters have signed contracts shipping garment products to Wal-Mart. Recently, Thanh Cong Garment and Textile Joint Stock Company won a deal exporting one million products to the US retail giant.
Wal-Mart owns a distribution system of 4,688 supermarkets worldwide, two-thirds of which are in the US. The giant leads the world’s top 500 companies, with total turnover of US$288 billion.
In the first four months this year, Vietnam gained US$2.19 billion from apparel exports, up 31.7 per cent on-year, and set to grow by 25 per cent to US$7.5 billion this year.
The Southeast Asian country plans to invest US$1.7 billion in apparel from now to 2014, producing 1.5 billion meters of shuttled cloth.
The country targets apparel exports of US$10 billion by 2010 and US$20-22 billion by 2020, to rank among the world’s top ten garment and textile exporters. (Saigon Times Daily)
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