These days, as Vietnam's garments and textile exports are facing a down fall, the industry needs to focus on developing domestic market. Global demand for garments may decrease by 15 percent this year, so, attaining an export target of US$ 9.2-9.5 billion will be a challenging job for the domestic garment industry.
Global economic meltdown is impacting Vietnam's garments and luxury products noticeably as customers around the globe are becoming more conscious about their spending. Garment companies exporting their products to the US and EU are facing many big challenges, these days.
Export values of garment companies have marked a fall of 30-40 percent to major markets like the US and EU right from the beginning of this year. Such decline in export demands, made many garment companies to plan strategies to develop domestic markets.
In this regard, the Viet Nam National Garment and Textile Group (Vinatex) has recently established a domestic distribution system at 55 supermarkets and 20 fashion shops in 22 cities and provinces. Apart from this, other companies like Viet Tien, Nha Be and Garment 10 are also targeting domestic customers in Vietnam.
Viet Tien Garment Joint Stock Company has launched new products to attract Vietnamese customers. The company has 17 shops and nearly 600 agents in Vietnam and its products of are now available in 48 trade centers.
Garment 10 Joint Stock Company also plans to increase its domestic sales to 30 percent this year. Company will attain this increase in sales by opening six clothing chains in Ha Noi, Hai Phong, Ha Long and Thai Binh.
Fibre2fashion News Desk - India
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