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Vietnamese garment sector facing tough time

07
Feb '12
Vietnam's garment and textile industry, which earned the highest export revenue of US$ 15.6 billion for the country last year, is facing several challenges, including lack of sufficient orders.

The decline in the country's garment export orders is being attributed to the eurozone debt crisis, cost saving measures adopted by Japan, and a slowdown in the US economy.

Among the challenges faced by garment manufacturers on the domestic front are high bank interest rates, increasing prices of raw material imports and high cost of production.

Vietnam's Ministry of Industry and Trade estimates the country's total export turnover to reach US$ 6.5 billion in January 2012, showing a decline of 11 percent year-on-year. The drop in export turnover is due to volatile market conditions and declining prices.

Fibre2fashion News Desk - India


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