Exporters lay groundwork for 2009

Exporters lay groundwork for 2009 - UPDATED: 09/01/2009 - Despite the global financial crisis that is seriously affecting the country’s economy, many exporters are in reasonable shape, thanks to their good preparations. More than 15,000 workers at the Thai Binh Footwear Joint Stock Co, for instance, have begun to execute this year’s business plan, which targets export value of over US$100 million. "A few years ago, the company invested $5 million in installing a complete production line," Nguyen Duc Thuan, general director of the country’s biggest footwear exporter, said. It employs 400 designers who create 35,000 models for all four seasons every year based on demand in importing markets. Thai Binh sells directly to four large importers in the US and Japan. The footwear industry also came under pressure last year from an EU anti-dumping tax on leather shoes. Vietnamese companies quickly switched to other kinds of footwear like sports shoes and fashion shoes for women and children. They achieved total exports of $4.8 billion, or a fifth higher than in 2007. The textile and garment industry has seen export contracts and prices fall by 20 per cent due to the recession. Many companies are cutting their margins while others are eyeing the local market. According to the general director of the Viet Nam Textile and Garment Corporation, Vu Duc Giang, the industry would explore new markets like the Middle East and Africa this year. The signing of a bilateral trade agreement with Japan would help garment firms export to the East Asian country. The corporation plans to open 20 more supermarkets around Viet Nam. For the Sai Gon 3 Garment Joint-stock company, export was up $80 million and profits 20 per cent last year. "We carried out many cost-cutting campaigns and maintained our quality," Pham Xuan Hong, general director of the company, said. In 2009 its turnover target remains unchanged from last year, but it eyes 20 percent lower profits. Leading exporter Viet Tien Garment Company has a brand name trusted in many foreign markets. The company has thus managed to sign several major deals, targeting a 10 per cent increase in exports to $190 million. Viet Tien will also launch more luxury and popular products in the local market this year. It will soon hire 500 workers who have been laid off by other garment companies.
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Agreement on Safeguard Measures

06/08/2008

Agreement on Safeguard Measures

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GATS –General Agreement on Trade in Services

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Anti-dumping

Anti-dumping

If a company exports a product at a price lower than the price it normally charges on its own home market, it is said to be “dumping” the product. Is this unfair competition? The WTO agreement does not pass judgement. Its focus is on how governments can or cannot react to dumping — it disciplines anti-dumping actions, and it is often called the “Anti-dumping Agreement”.
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