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Vietnamese garment exporters seek more orders
07
Aug '12
Garment exporters in Vietnam are seeking more orders to survive in the midst of declining exports, owing to the ongoing public debt crisis in the EU nations.
 
According to the Vietnam Textile and Apparel Association (VITAS), the ongoing European debt crisis has resulted in market snags and declining export orders for the local apparel exporters, who are struggling to revive their lagging businesses. 
 
Several small-and medium-sized garment producers have lowered their production quantities due to the lack of demand, VITAS said. 
 
The Association expects the reduction in apparel export contracts for the EU market to continue till mid-2013, and is urging local apparel exporters to keep seeking export orders on their own.
 
Amidst the bad export situation, however, a leading Vietnamese apparel manufacturer has been able to grow its business by saving on production costs, including raw materials and electricity, and by managing to execute free-on-board (FOB) contracts.
 
During the last few months, the garment company took care of things like fabrics, accessories, trims, cutting, sewing, packaging, boxing and transportation to the port through FOB contracts.
 
In fact, the clothing firm founded a separate unit to implement FOB contracts. It recruited foreign managers to seek out contracts in countries like the US, the UK and France. The FOB contracts generated higher revenue than sub-contracts.
 
In addition, the company managed to avail business partners in the Russian markets by participating in international trade fairs for garments held in Russia. All this together resulted in the company posting a year-on-year increase of 20 percent in export value in the initial seven months of this year. 
 
Meanwhile, another Vietnamese apparel firm saw an increase in its export value because it could hold on to export contracts with big global brands during the low period. Since the company specializes in a variety of textile products and has a huge production scale, it could manage to sail through the bleak economic condition.
 

Fibre2fashion News Desk - India

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