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Vietnam garment companies struggle in local markets

According to exports, Vietnam’s textile and garment industry is performing well abroad, but struggling at home. The Vietnam Association of Retailers estimates over 200 foreign fashion brands to be present in Vietnam, accounting for more than 60 percent of the market share from medium-end to high-end products.

Vietnam’s local companies such as Viet Thy, Foci, Sai Gon 2, Ninomaxx and PT 2000, have forced to narrow their production scale. For instance, Sai Gon 2 Garment Joint Stock Company launched 70-80 new products before but has made only about a half of this number at present. In order to survive in the market, Foci has been forced to cut all new investments and narrowed the store system. The company is now focusing on selling uniforms and developing more online sales.

As against this, Swedish fashion firm Hennes & Mauritz AB (H&M) plans to increase the number of its stores to six next month. Zara has also opened its stores in Hanoi and HCM City. While fashion brands such as Mango, Stradivarius, Massimo Dutti and Topshop has recently joined Vietnam’s market.

 

 
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