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  Trade

EU raises quota for VN textiles and garments

Nha Be Garment Company’s export turnover reached US$22 million in the first quarter of the year, a 21 per cent increase over the corresponding period last year. — VNA/VNS Photo Van KhanhThe EU officially agreed on Tuesday to increase textile quotas in accordance with the Viet Nam and EU textile and garment agreement signed last February, the Ministry of Trade said.The quota will be 55-70 per cent higher than last year.

The increase will help Vietnamese exporters with products such as trousers, T-shirts, Polo-shirts, synthetic fibres and women’s coats waiting for export to the EU this year.

Two months ago, local enterprises had already used nearly 70 per cent of the total yearly quota of such goods.

Thus among 29 types of goods regulated by the quotas, the trade ministry had to stop issuing automatic Export Licences (ELs) in 13 of them.

The quota limitations have created many difficulties for exporters, especially companies that have signed contracts while waiting for ELs.

The Trade Ministry will use the quota increases to grant ELs for stockpiled contracts and use the remaining quotas to distribute appropriately to other firms, said Le Van Thang, deputy director of the Trade Ministry’s Import and Export Department.

In the first four months of this year, Viet Nam earned more than US$200 million from the EU garment exports, Thang said.

Viet Nam’s textile export turnover to the EU was about $650 million last year.

VNS - (10/05/2004)


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