Home / Knowledge / News / Textiles / Vinatex urges garment sector to retain market position
Vinatex urges garment sector to retain market position
04
Nov '14
The garment and textile sector in Vietnam has to work towards maintaining its market position, in order to prevent declination, according to Hoang Ve Dung, the deputy general director of the Vietnam National Textile and Garment Group (Vinatex), the Vietnam News reported.

Dung advised the local garment and textile industry to focus on improving their marketing strategies and boost trade promotion, to maintain existing customers and retain the financial status of the textile sector.

He said that business plans should be strictly aimed at maintaining the textile industry’s existing market share. To this end, domestic businesses should become more proactive by participating in public events such as fashion shows and exhibitions.

The Vietnamese garment sector is facing fierce competition from Bangladesh, India and Indonesia, which have more material and labor resources. Local garment and textile businesses have been greatly affected by other nations, especially China, which can lower product prices to attract customers.

But the Vietnamese businesses have already started renovating their methods of production from outsourcing activities to Freight on Board and an Original Design Manufacturers model, which is a step in the right direction, Dung said.

Free trade agreements between Vietnam and the EU and the Customs Union of Russia, Belarus and Kazakhstan, and the Trans Pacific Partnership (TPP) bring hope for the future of the Vietnamese textile and garment industry. As per the TPP, 90 percent of Vietnamese exports to countries in the TPP will not attract tariffs, which provides attractive opportunities to Vietnamese industry.

These agreements will open up future opportunities for the sector, but first businesses need to focus on improving their competitiveness, Dung said.

Vietnamese garment and textile exports jumped 18.9 percent in the first nine months of 2014 to US$ 15.5 billion, mainly due to growth in traditional markets such as the US, the EU, Japan and the Republic of Korea.

Vinatex raised around VND1.22 trillion or US$ 58.10 million through an initial public offering (IPO) in September, 2014. Vinatex, which has around 120 subsidiaries, has targeted an export turnover of $3.6 billion by 2015 and $5 billion by 2020. (GK)

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Asmara Group

Apparel/Garments | On 20th Sep 2018

Fragmented nature of Indian apparel sector major challenge

A major challenge for the Indian apparel sector is its fragmented...

Courtesy: Pexels

Textiles | On 20th Sep 2018

Risk to US consumers grows with tariff escalation: NRF

The US National Retail Federation (NRF) has expressed disappointment...

India's 2018-19 forward cotton export contract up by 100%

Textiles | On 20th Sep 2018

India's 2018-19 forward cotton export contract up by 100%

Rise in demand from China, lower domestic prices and depreciation of...

Interviews View All

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

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

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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


September 2018

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

news category


Related Categories:

Advanced Search