ASEAN garment products likely to flood the Vietnamese market and directly compete with domestic products following the country’s accession to the ASEAN Economic Community (AEC) and Trans Pacific Partnership (TPP) treaty due to which Vietnamese textile and garment companies might face a huge challenge.
According to Nguyen Thi Dien, chairwoman and executive director of the An Phuoc Shoes Sewing and Embroidering Company, the customers will support domestic goods but the most important factor to retain Vietnamese clients is to assure quality.
Since competition with garment products from other ASEAN countries would be unavoidable, local companies should improve their quality and expand models to strengthen their competitiveness.
Since 1995 Viet Tien Garment Joint Stock Corporation has set up a distribution chain with 1,390 shops and agents around Viet Nam. Besides the famous Viet Tien brand name, the corporation also owns various fashion brands for both adults and children.
With over 200 shops, Blue Exchange has a big market share of garments for young people.
Hong Ve Dung, deputy general director of the Viet Nam Garment and Textile Corporation, said that in recent years demand for garment products has increased by 10 – 15 percent annually.
Promoting new design, strengthening brands and expanding the distribution system are the best ways to cope with the effects of the free trade agreements.
Dung said that local companies hope for lower interest rates to cut their expenditure and improve their competitiveness.
An Phuoc has kept its growth target of 15 -17 percent, despite the fact that the market is set to become more competitive, This year it plans to open 10 more shops to add to its 105 existing ones.
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