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Challenging year ahead for Vietnam garment firms
24
Dec '11
Next year is likely to be a challenging one for Vietnam's labour intensive industries, especially garment and textiles.

A fall in demand from Vietnam's leading apparel export markets is likely to intensify the competition amongst foreign exporters and the price war is expected to get fiercer.

Vietnam's apparel export orders to the EU and the US markets are likely to decline by 15 to 20 percent next year compared to current fiscal.

Over the last few months, several Ho Chi Minh City based garment and textile firms closed down due to twin factors of dwindling sales volumes and rising cost of production, rendering hundreds of workers jobless.

Alongside rising costs of production and fall in consumption in export markets, dearth of capital would also trouble the Vietnamese garment and textile firms next year, as this would come in the way of the business expansion and development efforts of these firms.

Vietnam's garment sector did good business in export markets during 2011. During January-November 2011, the garment industry with a year-on-year rise of 31 percent made over US$ 13 billion in exports.

The average wage of a labourer in Vietnam's garment and textile industry prevails at VND 3-3.5 million (US$ 142-166) per month, while some of the leading firms under the Vietnam National Textile and Garment Group (Vinatex) even pay VND 4.3 million (US$ 205) per labourer per month.

Fibre2fashion News Desk - India

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