Home / Knowledge / News / Textiles / Garment & textile industry strives to escape inflation
Garment & textile industry strives to escape inflation
19
Apr '08
Exorbitant prices of consumption goods and other raw materials coupled with weakening US dollar have raised serious concerns for the textile and garment exporters of Vietnam.

To bring about a solution to this perpetuating crisis, members of HCM City Textile, Garment, Weaving and Embroidery Association recently concluded a meeting.

Exporters and producers at the meeting unanimously voiced their opinion about the huge impact of inflation and weakening dollar on the garment and textile industry.

Production activities, in particular, have been found to endure with the hardest of the prevalent situation. Additionally, soaring prices have also impelled the enterprises to hike the salaries of the workers to ensure a decent standard of life for them.

Moreover, a close study has showed that with an export worth US $10 million, the enterprises will suffer a loss of approximately VND10 billion, due to appreciation of Vietnamese currency.

All the members at the meeting voted in favor of acquiring assistance from macro-economic management agencies to overcome the current difficulties. Additionally, it became quite clear that to outlive cut-throat competition, the foremost task of the enterprises will be to ensure their own survival.

As such, entrepreneurs must restructure their production activities with fewer workers and higher efficiency and ask for Government aid to deal with the present circumstances.

Some of the most logical suggestions to the existing grievances that emerged from the meeting included promotion of export-import activities, banks to offer loans at the lowest trading price, abolishment of collection of trade union fees and other kinds of fees to increase workers salaries and banks to buy-back US dollars from export contracts with highest trading band.

It is hoped that the outcomes of the meeting will have a far reaching effect on the industry which is expected to come out of this pitfall as there are indications of a positive US exchange rate and improving market conditions.

Must ReadView All

President Tsai Ing-wen delivering remarks before boarding her plane bound for Central America. Courtesy: Presdient's office

Textiles | On 16th Jan 2017

‘Textiles at centre of Taiwan’s new trade arrangements’

Textiles should be at the heart of Taiwan’s thinking while developing ...

Apparel/Garments | On 16th Jan 2017

Ralph Lauren develops policy on tracking wood based fabrics

In a bid to trace source of wood based fabrics like viscose and rayon ...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search