Vietnam garment exporters snatch orders from China

A switch by global textile and garment buyers from China to Vietnam has fetched Vietnamese exporters orders that will keep them busy for the most of next year, industry insiders said.

International buyers now prefer Vietnam because of the quality of its products, reasonable prices, and prompt delivery, Diep Thanh Kiet, deputy chairman of the HCMC Association of Garment, Textile, Embroidery – Knitting, said.

Saigon 3 Garment Joint Stock Company, for instance, has signed a US$50 million contract to ship five million pairs of jeans to Japan in the first half of next year and Phuong Dong Garment Joint Stock Company has a deal to supply five million pieces of apparel in the same period.

Some exporters with a large workforce have even signed deals that will keep them occupied for the whole of next year.

Big players like Viet Tien, Nha Be, Phong Phu, Gia Dinh, Thanh Cong, Thang Loi, and Viet Thang have all reported a minimum of 15 percent increase in export orders for next year.

A cut in the import of raw materials has helped increase domestic firms’ revenues, the insiders said.

Textile and garment exports are up 23 percent year on year in 2010 and the industry is set to hit a record $11 billion this year, slightly above the target of $10.5 billion.

The textile and garment industry accounts for around 13 percent of the country’s total exports of $70 billion.

Tags: Vietnam garment exports