Ministry drafts legal amendments to aid local garment exporters
The Ministry of Industry and Trade is drafting legal amendments to help domestic garment producers cut costs and reduce administration burdens amid many difficulties facing the industry this year.
Hanoi (VNA) – The Ministry ofIndustry and Trade is drafting legal amendments to help domestic garment producerscut costs and reduce administration burdens amid many difficulties facing theindustry this year.
According to the Ministry of Industry andTrade, the global demand for textiles and garments fell in the first eightmonths of 2017. Wages for workers and logistics costs have been rising, puttinglocal garment exporters under pressure, particularly in the face of fiercecompetition from regional rivals like Bangladesh, Myanmar and Cambodia.
Garment makers from these countries havegreatly benefited from their governments’ preferential policies that includedtax cuts and currency devaluation to boost exports. They have also enjoyedfavourable treatment from the US and the European Union (EU).
According to Chairman of the Vietnam Textileand Apparel Association Vu Duc Giang, the sector aims to export about 30billion USD worth of textiles and garments in 2017. The US is expected to bethe biggest buyer, accounting for 50 percent of exports, followed by the EU(20.5 percent), Japan (19.5 percent), and the Republic of Korea (7.5 percent).
Though the country’s exports rose by 9.9percent in the first eight months of this year to 19.8 billion USD, theministry worries the export target maynot be met as there will not be many big orders for the remaining months.
The ministry asked domestic producers to joinforeign supermarket chains in Vietnam and attend overseas product promotion andbusiness-matching events.
It also asked state agencies to supportdomestic textiles and garment exporters in administrative procedures to helpthem overcome obstacles.-VNA
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Illustrative image. (Photo: VNA)
