According to Vietnam’s “Economic Times” report, Le Quoc En, chairman of the Vietnam Textile Association, recently suggested that the Prime Minister agree to set aside 1% of textile exports to fund distressed enterprises in the industry.
According to the report, the association also recommended that the Ministry of Finance and the Trade Promotion Bureau of the Ministry of Industry and Trade fund 50 billion VND (approximately US$2.941 million) for market promotion and trade promotion activities. Vietnam’s textile exports in January 2009 were US$550 million, which was only equivalent to 33.2% of the exports in the same period in 2008.
The association stated that due to global economic difficulties, especially the sharp decrease in orders from major textile export markets such as the United States, Europe, and Japan, some foreign-owned textile enterprises in Dong Nai, Binh Duong, Ba Ria, Vung Tau, Long An and other provinces were forced to close. .
