Garment Firms to Focus on Local Market
Apr. 15 – The chairman of the Vietnam Garment and Textile Association said that the country's garment and textile industry should focus on developing the domestic market now that exports are declining.
Le Quoc An added that this year, global demand for garments may decrease by 15 percent so a target of US$9.2 to US$9.5 billion will be a huge challenge for the domestic garment industry.
The slowing global market has led to a decrease in export demand as people living in the U.S. and EU are holding back spending.
Due to falling export demand, local garment companies have developed local distribution networks. The Vietnam National Garment and Textile Group has put up a domestic distribution system to span 55 supermarkets and 20 fashion shops in 22 cities and provinces.
Vietnamese companies like Viet Tien, Nha Be and Garment 10 are expanding stores and introducing new products to target Vietnamese customers.
- Previous Article Vietnam Seeks US$6.43 Billion Foreign Loans in 2009
- Next Article New Rules on Garment Exports to the United States