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Textile Sector Achieves Annual Export Earnings Goal |
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2003-11-5
According to the Ministry of Trade the textile and garment sector has already achieved its annual export earnings goal of US$3.15 billion in ten months of 2003.
The sector looks set to make $3.6 billion for the entire year, a
substantial increase on last year’s figure of $2.7 billion.Exports to the US have fuelled the rise, accounting for half the earnings, but will slow in the last two months of the year as most of the
export quota for the market has already been used.
The ministry said another cause for the extra earnings was a recent 10-20 per cent price increase paid by international conglomerates.Viet Nam National Textile and Garment Corporation’s general director, Mai Hoang An, said the increased earnings masked problems the sector was experiencing in buying raw materials.
He said up to 80 per cent of raw materials used to produce exports are imported.
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