Home / Knowledge / News / Apparel/Garments / Vietnam garment sector must explore new markets - Experts

Vietnam garment sector must explore new markets - Experts

14
Aug '12
Exploring new markets is the best way to boost the Vietnamese garment industry, said legislators and industry experts while speaking at a seminar held to ponder on the ways to increase the sector’s sales.
 
The seminar focusing on solutions to access resources and taking the local garment business to the international level was jointly organized by the Vietnam Textile and Apparel Association (VITAS) and Vietinbank, in association with Dun&Bradstreert (D&B) in Ha Noi.
 
Rising at a steady annual growth rate of seven to eight percent, Vietnam’s textile and garment exports reached US$ 9.3 billion over the past seven months, which is considered to be quite moderate as compared to the 22 percent growth achieved by the economy during the same period.
 
VITAS Deputy Chairwoman and General Secretary, Dang Phuong Dung, said the US, EU, South Korea and Japan were the key export destinations for Vietnamese apparels during the period. 
 
She said the country’s exports to South Korea have risen after the inking of a bilateral Free Trade Agreement (FTA) between South Korea and some of the ASEAN countries, including Vietnam.
 
During 2011, inflation was low and export orders were good, but this year, as the US is grappling against public debt crisis and unemployment problems, consumer demand has reduced, which has impacted Vietnam’s garment exports. In addition, the eurozone crisis has also badly hit Vietnamese garment exports.
 
In such a situation, exploring new markets would be the best way to boost demand of Vietnamese garments, said Ms. Dung. She said there is a need to enhance trade promotions to enable local apparel producers to better explore and penetrate in new markets.
 
Speaking at the seminar, Vietinbank’s Nguyen Thi Khanh Phuong said aiming to reduce reliance of garment exporters on foreign currencies, Vietinbank would help them balance their forex demand between garment and textile sectors, while ensuring payment ability and reducing the exchange rate risks.
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Feb 2020

An Industry Goes Viral

When the novel coronavirus, now called COVID-19, was first detected...

Pic: Shutterstock

Textiles | On 20th Feb 2020

Rising global import of sacks and bags

Overall trade of sacks and bags (for packaging of goods) has been...

Pic: freemind-production / Shutterstock.com

Retail | On 20th Feb 2020

Authentic Brands announces acquisition of Forever 21

Authentic Brands Group (ABG), a global brand development, marketing,...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

Relaxation in FDI norms will support growth of retail sector

Spokesperson, Hugo Boss

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Teresa Neal,

Teresa Neal

Teresa Neal, an art professional with 25 years of experience, in...

Priyanka Gandhi,

Priyanka Gandhi

Established in 2016, Surat-based Shree Ganesh Yarns is a manufacturer of...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

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

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

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

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

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

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

Leave your Comments


February 2020

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


Advanced Search