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Apparel export firms must boost quality, find new markets – Experts
26 Sep '11
2 min read
Vietnamese apparel export firms should explore new export destinations and enhance the quality of their products to boost their exports, experts have said.
Vietnam's apparel exports registered positive growth during the initial eight months of the current year amounting to US$ 8.95 billion, up 29.2 percent year-on-year.
However, experts state that the prevailing high interest rates and problems in obtaining loans from banks impede the growth of domestic businesses.
They add that in the present situation the businesses should explore newer markets, particularly in western, southern and eastern Asia, Latin America and Middle East.
Further, the firms should even draw benefit from the free trade agreements and preferential levies under the ASEAN Free Trade Area (FTA) to increase exports, particularly to Japan and China.
They advise the businesses to enhance market research and projected estimations so they can produce items that meet the consumer demand by enhancing the quality of their products.
For the purpose, the domestic firms, in spite of financial constraints should raise investments for promoting trade events to showcase their goods before other countries.
They reveal that in order to trim down raw product exports and boost exports of value-added goods, the Ministry of Industry and Trade (MIT) had framed an export policy until 2020.
In the past, Vietnam tried to boost its exports at all costs. Presently, there should be a change in the strategy and the country should look forward to ship value-added or advanced processed products, they opine.
They urged the Government to introduce a long-term, steady macro-economic policy and an appropriate foreign exchange policy to help the domestic garment exporters.
Vietnam's apparel exports registered positive growth during the initial eight months of the current year amounting to US$ 8.95 billion, up 29.2 percent year-on-year.
However, experts state that the prevailing high interest rates and problems in obtaining loans from banks impede the growth of domestic businesses.
They add that in the present situation the businesses should explore newer markets, particularly in western, southern and eastern Asia, Latin America and Middle East.
Further, the firms should even draw benefit from the free trade agreements and preferential levies under the ASEAN Free Trade Area (FTA) to increase exports, particularly to Japan and China.
They advise the businesses to enhance market research and projected estimations so they can produce items that meet the consumer demand by enhancing the quality of their products.
For the purpose, the domestic firms, in spite of financial constraints should raise investments for promoting trade events to showcase their goods before other countries.
They reveal that in order to trim down raw product exports and boost exports of value-added goods, the Ministry of Industry and Trade (MIT) had framed an export policy until 2020.
In the past, Vietnam tried to boost its exports at all costs. Presently, there should be a change in the strategy and the country should look forward to ship value-added or advanced processed products, they opine.
They urged the Government to introduce a long-term, steady macro-economic policy and an appropriate foreign exchange policy to help the domestic garment exporters.
Fibre2fashion News Desk - India
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