Experts advise Vietnamese exporters to develop domestic markets

Exporters should not just depend on exports, but also develop and expand their presence in the domestic markets.

Garment exporters of Vietnam also need to focus on cost cutting, training and re-skilling the workforce, while also restructuring management to face the challenges of reduced orders from overseas markets.

Media reports quoted Truong Van Cam, Secretary General of Vietnam Textile and Apparel Association as saying.

“Difficulties would continue for some more time, but exports might pick up this year, although current orders in hand are lower,” Nguyen Hai Duong, Chairman of M2 Vietnam JSC said.

In the first seven months of 2023, apparel exports from Vietnam dropped to US $22.5 billion, down 15.9 percent, compared to the same period in 2022, but in July, they slipped slower by 9.

4 percent to $3.81 billion.

“Our company has restructured its management, invested in technology, and diversified its product portfolio,” Bui Van Tien of the Viettien General Garment JSC added.





All heads of companies thought that overseas orders have declined mainly due to the global economic slowdown and reduced consumer spending in their main markets of the US and EU.

“The challenges increased due to increase in competition for the shrinking pie of export orders, which also led to drop in prices, which all put together has put apparel exporters in a tight spot,” they averred.

Vinatex has developed a framework between departments and applied technical analysis for buying raw materials and also improved market analysis to enhance productivity.