Domestic market – promising for garment businesses
The 90 million strong domestic market holds the potential for the garment and textile sector to increase its revenue.
Illustrative image. (Photo: VNA)Annual spending on apparel products stands at around 3 billion USD, according to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.
However, a mere 20 percent of businesses are interested in the local market, mainly focusing on major cities, and leaving potential rural areas for Chinese products to dominate, said a local newspaper.
Deputy Director of the Vietnam National Textile and Garment Group (Vinatex) Hoang Ve Dung told Thoi bao Kinh te Viet Nam that businesses are not focusing on the development of the domestic market.
Many have not concentrated on improving quality or building brand names for their products, he said.
According to Dung, businesses should launch promotions to boost purchasing power.
Businesses should also expand their retail chains in supermarkets and retail stores in both urban and rural areas to secure their foothold in the local market, he said.
According to VITAS, domestic spending on garment and textile products increases by 10-15 percent per year. The garment sector grossed 3.5 billion USD in local revenue in 2015.-VNA
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