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July 15, 2008

Vietnam earns $4.2 bn from textile, garment exports
Despite growing material prices, Vietnam raked in close to $4.2 billion from textile and garment exports in the first half of the year, a year-on-year rise of 20 percent, state news agency VNA reported.

The US remained Vietnam's largest export market, with turnover of $2.4 billion, making up 57 percent of the country's total revenues, the Vietnam Textile and Garment Association (Vitas) said.

The European Union (EU) came in second, generating $780 million, while Japan ranked third with $360 million.

According to Vitas, the failure of the US Department of Commerce to find proof of anti-dumping conduct by Vietnam's textiles and garments industry was a good sign for the sector's export activities in the future.

To reach the target of $5.3 billion, local businesses should make greater efforts for the second half of the year, when they still faced difficulties, including increasing material prices, high loan interest rates, human resource shortages, and high inflation, Vitas Chairman Le Quoc An said.

In addition to the challenges, the industry had many advantages. He said it had received a lot of orders and that there was no concern about anti-dumping lawsuits

The official recommended that businesses increase exports of high value-added and new products in order to reduce the impacts of monitoring operations imposed by importing nations.

Enterprises should be more active in expanding into new markets, particularly in the Middle East and Africa, and fixing their shortcomings in management and productivity, An said.

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