Thursday, November 06, 2008

Global Financial Crisis Reduces Vietnam Apparel Exports-Indus

HANOI --Vietnam may not realize its target of earning $9.5 billion from exporting garment and textile products this year, due to the global economic crisis, an official said Tuesday.

Many countries have cut back on imports from Vietnam following the financial crisis, said Le Quoc An, chairman of the Vietnam Garment and Textile Association.

"Total export revenue will be slightly over $9 billion in 2008," said An.

An said exports to the U.S. will see the largest decline in terms of expected export revenue in the last three months of this year.

He said exports to the U.S. market will be around $5 billion this year, compared with a target set earlier this year of nearly $5.5 billion.

"We anticipate that Vietnam's garment exports will face more difficulties in 2009," An said.

Garment and textile products are Vietnam's second biggest export earner after crude oil. The country earned $7.64 billion from exporting the products in the first 10 months of this year, up 20.3% on year, according to figures released earlier this year by the General Statistics Office.

-By Vu Trong Khanh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@dowjones.com