Domestic garment sales soar
Several HCM City garment companies have
reported healthy results by accessing domestic markets, in response to
dropping export revenues, according experts.
Despite adverse impacts from the global economic downturn, total sales of garment products in the domestic market in the first eight months of the year increased by 25 percent compared to the same period last year, according to a report in Sai Gon Giai Phong newspaper.
Despite adverse impacts from the global economic downturn, total sales of garment products in the domestic market in the first eight months of the year increased by 25 percent compared to the same period last year, according to a report in Sai Gon Giai Phong newspaper.
Several HCM City garment companies have
reported healthy results by accessing domestic markets, in response to
dropping export revenues, according experts.
Despite adverse impacts from the global economic downturn, total sales of garment products in the domestic market in the first eight months of the year increased by 25 percent compared to the same period last year, according to a report in Sai Gon Giai Phong newspaper.
With a population of more than 86 million, of which young people account for 65 percent, Vietnam has a fertile market for garment companies.
In response to a fall in demand from key import markets, HCM City garment companies adopted a range of new measures to stimulate domestic consumption, including expanding their distribution systems, launching new products and changing marketing strategies.
With a network of more than 1,000 outlets nationwide, Viet Tien Garment Joint Stock Company is considered the most successful company in supplying office fashion products in the domestic market, reporting domestic earnings of 450 billion VND ( 25.2 million USD) last year, the newspaper reports.
The company has continuously introduced new products to attract domestic consumers and is expected to reach the domestic annual revenue target of 600-700 billion VND (33.6-39.2 million USD) this year
Other garment companies successfully targeting Vietnamese customers are Vietnam Garment and Textile Group, Nha Be and Garment 10.
Vietnamese fashion brands as Ninomaxx, PT 2000, Blue Exchange , Viethy, Wow and Foci have also become increasingly familiar to Vietnamese customers.
Most Vietnamese companies serve the medium market segment and young people, while the high-end and low-end segments are dominated by foreign fashion brands and Chinese imports.
Because most materials for garment production are imported, Vietnamese fashion products are not competitively priced and had little added value.
Experts said local fashion companies should work together to compete with foreign rivals in the domestic market and further develop the industry./.
Despite adverse impacts from the global economic downturn, total sales of garment products in the domestic market in the first eight months of the year increased by 25 percent compared to the same period last year, according to a report in Sai Gon Giai Phong newspaper.
With a population of more than 86 million, of which young people account for 65 percent, Vietnam has a fertile market for garment companies.
In response to a fall in demand from key import markets, HCM City garment companies adopted a range of new measures to stimulate domestic consumption, including expanding their distribution systems, launching new products and changing marketing strategies.
With a network of more than 1,000 outlets nationwide, Viet Tien Garment Joint Stock Company is considered the most successful company in supplying office fashion products in the domestic market, reporting domestic earnings of 450 billion VND ( 25.2 million USD) last year, the newspaper reports.
The company has continuously introduced new products to attract domestic consumers and is expected to reach the domestic annual revenue target of 600-700 billion VND (33.6-39.2 million USD) this year
Other garment companies successfully targeting Vietnamese customers are Vietnam Garment and Textile Group, Nha Be and Garment 10.
Vietnamese fashion brands as Ninomaxx, PT 2000, Blue Exchange , Viethy, Wow and Foci have also become increasingly familiar to Vietnamese customers.
Most Vietnamese companies serve the medium market segment and young people, while the high-end and low-end segments are dominated by foreign fashion brands and Chinese imports.
Because most materials for garment production are imported, Vietnamese fashion products are not competitively priced and had little added value.
Experts said local fashion companies should work together to compete with foreign rivals in the domestic market and further develop the industry./.
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