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Diversification of markets key to survival in hour of crisis
Oct '08
US and EU markets are facing meltdown in their economies, leading to a financial crisis and will possibly impact export growth of Vietnam's textile and apparel manufacturers in the last few months of 2008 and perhaps, even in 2009. This pique situation has put manufacturers in a tense situation.

But the redeeming factor is that exporters have diversified their shipments. In the first eight months of 2008, the weightage of exports to a few major countries has drastically changed, thereby adding to the export turnover.

The exporters are in a better position to face the crisis head on as they now they have hedged their exports to diversified countries.

Though most of the business has been generated from exports to traditional markets like US, EU, Japan, Taiwan etc, the export weightage of each market has changed to the benefit of the exporters.

Fibre2fashion News Desk - Vietnam

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