According to VITAS, Vietnam’s textile and garment sector missed its target because the competition from foreign textile became fiercer while global demands declined.
VITAS also said that the largest export market of Vietnam’s textile and garment products in 2016 remained China which accounts for more than half of the industry’s export value. The U.S, the E.U, Japan, India, Brazil, Russia and Canada were also large importers of Vietnam’s textile and garments in 2016. Specially, exports to the U.S this year are estimated at 11.4 billion USD, a year-on-year four percent.
Chairman of the Duc Giang Garment and Textile Corporation Hoang Ve Dung said obtaining orders had become more complicated, demanding higher quality and moving forward delivery deadlines. Meanwhile, Chairman of the Hung Yen Garment Joint Stock Corporation Nguyen Xuan Duong said that his clients asked to lower selling prices by 18-20 percent, and even 30 percent. However, several still found partners who were less expensive in other countries.
Mr.Nguyen Xuan Duong also stressed that the increase of production costs,limited orders and pressure by exporters to reduce selling prices have placed a burden on the corporation.
The textile and garment sector is forecasted to continue facing difficulties in 2017 due to increase of competition by other major exporters including China, India, Bangladesh and Pakistan while global demand is forecasted to keep slowing down.
For the U.S and the E.U market, General Director of the National Garment and Textile Group (Vinatex) Le Tien Truong said that exports to two markets will also experience negative impacts from Brexit and US President-elect Donald Trump, who opposes the TPP agreement. He expected the export growth rate of these markets will reached just five to seven percent next year, if no appropriate policies are enacted.
According to VITAS, Vietnam’s textile and garment sector missed its target because the competition from foreign textile became fiercer while global demands declined.
VITAS also said that the largest export market of Vietnam’s textile and garment products in 2016 remained China which accounts for more than half of the industry’s export value. The U.S, the E.U, Japan, India, Brazil, Russia and Canada were also large importers of Vietnam’s textile and garments in 2016. Specially, exports to the U.S this year are estimated at 11.4 billion USD, a year-on-year four percent.
Chairman of the Duc Giang Garment and Textile Corporation Hoang Ve Dung said obtaining orders had become more complicated, demanding higher quality and moving forward delivery deadlines. Meanwhile, Chairman of the Hung Yen Garment Joint Stock Corporation Nguyen Xuan Duong said that his clients asked to lower selling prices by 18-20 percent, and even 30 percent. However, several still found partners who were less expensive in other countries.
Mr.Nguyen Xuan Duong also stressed that the increase of production costs,limited orders and pressure by exporters to reduce selling prices have placed a burden on the corporation.
The textile and garment sector is forecasted to continue facing difficulties in 2017 due to increase of competition by other major exporters including China, India, Bangladesh and Pakistan while global demand is forecasted to keep slowing down.
For the U.S and the E.U market, General Director of the National Garment and Textile Group (Vinatex) Le Tien Truong said that exports to two markets will also experience negative impacts from Brexit and US President-elect Donald Trump, who opposes the TPP agreement. He expected the export growth rate of these markets will reached just five to seven percent next year, if no appropriate policies are enacted.