Home / Knowledge / News / Textiles / 2009, a challenging year ahead for textile & garment industry
2009, a challenging year ahead for textile & garment industry
12
Jan '09
According to Mr Le Trung Hai, Deputy Director of Vietnam National Textile and Garment Group (Vinatex), although 2008 had been a difficult year for most of the industries, textile and garment sector stood second in the list of heighest foreign exchange earners with a value of US $9.1 billion.

In the period from January to August, the textile and garment industry was struggling with high price of material combined with soaring interest rate and in the last 4 months, the impact of global economic crisis reduced the number of export orders leading to high volume of inventory and affecting the life of textile and garment workers.

Vinatex's primary statistics showed that many enterprises had to slash down working-hour due to decline in orders and the threat of closing or going bankrupt is real. Previously, importers used to take orders for the whole year, however, now they only sign contracts for just one or two month.

2009 is predicted to be a challenging year for textile and garment industry because of global economic crisis. In addition, the export of Vietnam's textile and garment products to its key market US will be more difficult because US has removed its quota imposed on China's products, main direct competitor of the country.

Fibre2fashion News Desk - Vietnam


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X