Though exports for textile and garments in the first quarter (Q1) ofthis year reached 4.75 billion USD, industry insiders said the figurewas worse than forecast, the Hai quan (Customs) newspaper said.
Latelast year, the textile and garment industry expected to raise itstextile and garment production by 20 percent in order to boost thesector's export value by 4 billion USD to 28.3 billion USD this year.
The Vice Chairman of the Vietnam Textile and GarmentAssociation Pham Xuan Hong said exports to the industry were oftenoptimistic during the first and last months of the year. However,exports in the first quarter of this year were slow.
Many domestic exporters also said their export contracts, especiallyfor small and medium-sized firms, had declined sharply in Q1 this year.Some even reported a drop of up to 20 percent.
PhiNgoc Trinh, Deputy General Director of the Ho Guom Garment Joint StockCo, said the drop was the steepest seen in the past 15 years.
Hong attributed the decline to the devaluation of the Euro against the dollar.
He said more than 20 percent of Vietnamese textile and garmentproducers had currently shipped their products to European markets. Thedevaluation of the Euro against the greenback had led to Vietnameseexports becoming costlier and less competitive.
Similarly, Vietnamese exports to Japanese and Russian markets were alsonegatively impacted due to the volatility of the countries' currencies,Hong said.
Besides, domestic exports had faced other difficulties related to input costs and raw material sources.
Admitting these difficulties, the General Secretary of the Ho Chi MinhCity Association of Garment Textile Embroidery and Knitting, Bui TrongNguyen, said he expected the situation to improve during the nextquarter when European customers signed more export contracts.
Besides exports, Vu Quang Tung from the Song Hong Garment Co., saidhis company had also stepped up sales in the domestic market to offsetthe loss.-VNA
Latelast year, the textile and garment industry expected to raise itstextile and garment production by 20 percent in order to boost thesector's export value by 4 billion USD to 28.3 billion USD this year.
The Vice Chairman of the Vietnam Textile and GarmentAssociation Pham Xuan Hong said exports to the industry were oftenoptimistic during the first and last months of the year. However,exports in the first quarter of this year were slow.
Many domestic exporters also said their export contracts, especiallyfor small and medium-sized firms, had declined sharply in Q1 this year.Some even reported a drop of up to 20 percent.
PhiNgoc Trinh, Deputy General Director of the Ho Guom Garment Joint StockCo, said the drop was the steepest seen in the past 15 years.
Hong attributed the decline to the devaluation of the Euro against the dollar.
He said more than 20 percent of Vietnamese textile and garmentproducers had currently shipped their products to European markets. Thedevaluation of the Euro against the greenback had led to Vietnameseexports becoming costlier and less competitive.
Similarly, Vietnamese exports to Japanese and Russian markets were alsonegatively impacted due to the volatility of the countries' currencies,Hong said.
Besides, domestic exports had faced other difficulties related to input costs and raw material sources.
Admitting these difficulties, the General Secretary of the Ho Chi MinhCity Association of Garment Textile Embroidery and Knitting, Bui TrongNguyen, said he expected the situation to improve during the nextquarter when European customers signed more export contracts.
Besides exports, Vu Quang Tung from the Song Hong Garment Co., saidhis company had also stepped up sales in the domestic market to offsetthe loss.-VNA
