Decline in garment exports from Vietnam

The Ministry of Industry and Trade has reported that 80 per cent of Vietnamese garment and textile companies have received export orders until the end of the first quarter, but quantities are small, showing a sharp decline in volumes.

Garment export turnover to the EU market has dropped by 25 per cent in the first quarter of this year. (Photo: SGGP)

Compared to the same period last year, export turnover to the EU market has dropped by 25 per cent; to the US market by 12 per cent; and to Japan by 7 per cent; presumably due to the present economic downturn.

Another reason that led to a drop in garment export turnover in Vietnam was due to most importers shifting to developing countries where import tariff is zero per cent, such as Cambodia and Laos, instead of Vietnam where it is 10 per cent.

In order to tackle such problems, the ministry has suggested that garment companies use natural materials; buy materials directly; and create innovative finished products. Garment companies should now also improve their designing sector, to achieve high growth in the future, instead of merely relying on processing orders.

By Do Linh – Translated by Thuy Doan

Other news

Most view

One hundred businesses with 120 stalls are featuring goods from Thailand at the 2013 Thai Retail Fair (Photo: VNA)

Thai commodities flood Vietnam market

While Vietnamese enterprises have struggled to export their quality goods to Thailand, Thai items have inundated the Vietnamese market in recent years.



Vegetarian buffet-good for health re-launched

Currently, vegetarian foods are becoming more and more popular not only in Buddhism but also being a trend to preserve human health and body care.


Self - introduction

Stock market

VPBank prepares for listing on HOSE

The Ho Chi Minh City Stock Exchange (HOSE) said over 1.33 billion shares of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) will officially be listed on the HOSE, code VPB, from August 17 with the reference price of VND 39,000 per share.