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Vietnam apparel firms shift focus to domestic market
23
Apr '12
Vietnamese garment and textile companies are shifting their focus to domestic market, to counter a decline in exports witnessed in recent months.

The sales of clothing items and fabrics in Vietnam are on an upward trend, Vietnam Textile and Garment Group (Vinatex) said.

Companies like Phong Phu and Viet Thang registered revenues exceeding Vn$ 1 trillion (US$ 47.6 million) from domestic sales last year.

A survey carried out by Vinatex revealed that the Vietnamese local market seems to be very promising for apparel and textile firms, as consumer spending on clothes is only second to that of food.

The average monthly expenditure on clothing items among those surveyed was Vn$ 150,000 to Vn$ 500,000, which accounted for 18 percent of their overall spending, the survey revealed.

The study said nearly 70 percent of Vietnamese people went shopping for garments at least two times a month, during the survey period.

Vietnamese garment companies are widening their distribution system in the country and Vietnamese-made products are slowly making in-roads in the local market that is currently largely dominated by China-made products.

VinatexMart has grown to become the top retailer of Vietnamese-made garments and fabrics. Each of its leading apparel brands –Viet Tien, Phong Phu, May 10 and Nha Be –have over 1,000 retail stores spread throughout Vietnam.

This has been achieved by design diversification and brand development, in addition to expansion of distribution, according to Than Duc Viet, Executive Director of May 10.

The growth rate of Vietnamese garment sector is fairly good, despite the tight money supply situation, said Nguyen Tien Truong, Deputy General Director of Vinatex.

By 2015, Vietnamese apparel market is projected to grow to US$ 6-7 billion. To capture a major share in such a huge market, Vietnamese garment firms still have a long way to go.

Fibre2fashion News Desk - India

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