Home / Knowledge / News / Apparel/Garments / Vietnamese 2016 apparel export target may be unreachable
Vietnamese 2016 apparel export target may be unreachable
02
Aug '16
The export target of $30 billion set by the Vietnamese textile and apparel industry may be an overwhelming task considering that exports reached only $12.76 billion in the first six months or 41 per cent of the 2016 target.

Speaking at a press conference in Hanoi, Vu Duc Giang, chairman of VITAS said this was mainly due to lack of orders for domestic companies and that exports were driven mainly by companies with FDI investment.

Giang added that the biggest challenge was finding new orders and it was completely possible that SME's would be forced to discontinue doing business, with exports halting at less than $29 billion.

He further added that, while Cambodia and Bangladesh enjoy incentives offered by the US and Europe, wages in Sri Lanka, Bangladesh and Myanmar were lower than in Vietnam.

According to the chairman, in order to benefit from lower costs, importers were shifting their orders to other countries.

VITAS vice chairman Nguyen Xuan Duong also pointed out that, while their currency Dong was stable against the US dollar, those of other countries had depreciated between 8 and 20 per cent.

He also said that interest rates which stand between 8 and 10 per cent, high when compared with those of its competitors, led to Vietnam's prices being higher by 20-30 per cent as against those of its rivals. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search