In February 2009, Vietnam's textile and garment exports turnover fetched US$1.15 billion, a decline of 12 percent in comparison with the same period of 2008, an official source of Vitas informed.
According to the official, 70 percent of all garment manufacturers hold orders in hand till the current month only and for these companies survival in April is totally dependent on getting new orders from their suppliers.
On the other hand, suppliers are bargaining for lower prices, leading to an erosion of the already trivial profit margins, the industry is surviving on since the last few months, added the official.
In a bid to attract buyers, the enterprises will be compelled to reduce their prices more and more, in order to keep the wheel of their companies to ensure business does not move to competitor countries.
The association has been requesting the government to announce some incentives to overcome the desperate situation, which seems likely now, as the Ministry of Commerce has put a recommendation for the same.
Fibre2fashion News Desk - Vietnam
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