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Russia - Alternative & attractive destination for apparel exports
Feb '09
Due to recessionary trends prevailing in key markets served by the Vietnam textile and garment industry, the sector has been compelled to diversify and look for alternative markets to retain the pace of exports. In the process, Russia is turning out to be a very attractive destination for the exporters from the industry.

The year began with the Gia Dinh Garment Corporation, signing a contract with a member of a visiting Russian trade delegation, to ship a large volume of apparel products. This importer has plans to procure US $1 million worth of clothing in the first six months of the current year, to the utter glee of Gia Dinh.

Other than Gia Dinh, the visiting trade delegation also inked contracts with Khang Thong, Saigon Textiles and Garment No-3 Company, to supply high end garment products to the Russian market. The delegation also contracted with suppliers of footwear, rice, coffee, tea and seafood other than apparels to import the same in to Russia.

The footwear industry not to be left behind has also targeted the Russian market to overcome the crisis which has enveloped its global markets. According to experts, the Russian buyers are easy to please and the technology available with the domestic clothing industry is easily adaptable to the needs of the Russian importers.

The Russian market was considered inhospitable by local enterprises due to problems in payments faced by the domestic industry. However, the situation has improved in recent years since the Vietnam-Russia Joint Venture Bank became operational, due to which major bottlenecks coming in the way of bilateral trade have been removed.

Fibre2fashion News Desk - India

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