Vietnam’s WTO deal with US leads to surge in textile trade
Vietnam’s recent signing of a trade pact with the US for appointment to WTO, has led to sharp growth in textile and garment exports and imports.
Egytex News Desk
Egytex
The trade agreement, signed on May 31, paves the way for Vietnam to join the World Trade Organization (WTO), giving it access to the organization’s 150 members.
From May 29 to June 8, Vietnam’s enterprises exported US$190 million worth of textile and apparel goods, accounting for 43 percent of entire revenues in June 2005.
Meanwhile, the industry imported materials worth $160 million, recording sharp growth.
Experts expect textile and apparel exports turnover in June 2006 to reach over $500 million.
The US remained the top buyer of Vietnamese textiles and garments while Belgium was the fastest growing market in 2006, the Ministry of Trade has reported.
Shipments to the US in the first five months were worth $877 million and to Belgium 35 percent higher year-on-year.
Source: Thanhnien news
From the Egytex news archive, first published on 17 June 2006. Figures and names are as reported at the time.
