HCMC garment enterprises pin down fresh orders
Textile and garment enterprises in Ho Chi Minh City have recovered up to 80% of export orders and have high hopes for the coming months as the market returns to prosperity.
In the fourth quarter, Vietnam's textile and garment industry has seen demand picking up in both the domestic and export markets, said Pham Xuan Hong, chairman of the HCMC Textile, Embroidery, and Knitting Association (AGTEK).
"Since the beginning of the year, the industry in both the export and domestic markets has been facing difficulties as orders have continuously decreased. Overall, in the first nine months, the number of orders decreased by 20-30%. This figure has fallen to about 10% and is expected to improve," he noted at the 30th anniversary of the establishment of the association last Friday.
Regarding orders, Pham Van Viet, chairman of Viet Thang Jean Co., Ltd. (VitaJean) and vice chairman of AGTEK, said that the businesses' orders have recovered to about 80% compared to before.
Viet noted that although Vietnam's textile and garment products are highly competitive with other countries, export orders have declined, so enterprises need to promote their products to more markets.
"Currently, businesses receiving new orders because the export market is warming up again. Although the export market has not reached its target as in previous years, this provides motivation for businesses to focus on production orders for the last three months," Viet said.
Pham Quang Anh, director of Dony Garment Company, said that the business has entered markets such as Singapore, Indonesia, Malaysia, and Cambodia. These markets have stiff competition, but Vietnamese companies can still enter them because of logistics advantages.
According to Pham Xuan Hong, in order to increase textile and garment orders in the last three months of the year, Vietnamese businesses need to actively promote the conversion to green production.
To restore domestic market, textile and garment enterprises also need to understand purchasing power and local recovery to invest in producing goods at appropriate prices to avoid selling at a loss before they can recover full production, he added.
Bui Ta Hoang Vu, director of HCMC's Department of Industry and Trade, stated that consumers are prioritizing environmental protection products and recycled products, which means Vietnamese businesses must change to improve their competitiveness. In addition, the city's textile and garment enterprises should promote links with provinces and cities across the country to learn and share experiences with each other.
AGTEK was established in 1993 with an initial membership of just over 40 businesses. To date, the association has developed nearly 200 members, and its activities have been expanded to neighboring provinces.
The leader of AGTEK emphasized that although the general situation is still difficult, the association's members have been trying to assert themselves in the global value chain, striving to reach $47 billion in export turnover in 2023.
- Read More
Vietnam’s parliament asks gov’t to adjust draft Investment Support Fund decree
The government should adjust its draft decree on the Investment Support Fund, the National Assembly Standing Committee has requested.
Finance - Mon, December 23, 2024 | 6:00 pm GMT+7
Northern Vietnam province to complete site clearance for Samsung-Apple supplier Goertek next month
Vietnam’s northern province of Bac Ninh aims to complete site clearance for the Nam Son-Hap Linh Industrial Park project before the Lunar New Year (Tet) Holiday, to facilitate investment of Chinese electronics giant Goertek.
Industrial real estate - Mon, December 23, 2024 | 4:54 pm GMT+7
New laws, abrupt property price surges dominate headlines in Vietnam's 2024 real estate market
Vietnam’s real estate landscape has shown some bright spots in 2024 on the back of three new real estate-related laws, but continued to face challenges, including supply-demand imbalance and abrupt surges in home prices.
Real Estate - Mon, December 23, 2024 | 3:52 pm GMT+7
Vietnam's major meat producer Vissan appoints new general director
The board of directors of Vietnam's leading meat producer Vietnam Livestock Corporation (Vissan) has appointed Le Minh Tuan as its new general director, succeeding Nguyen Ngoc An.
Companies - Mon, December 23, 2024 | 3:46 pm GMT+7
Major developer Phat Dat acquires first land plot after 2 years
Phat Dat Real Estate Development JSC will buy a plot of land in District 3, Ho Chi Minh City for no more than VND650 billion ($25.5 million), its first land purchase since the country's bond debt crisis in late 2022.
Real Estate - Mon, December 23, 2024 | 3:34 pm GMT+7
Japan willing to help Vietnam with technology, training for nuclear power
Japan welcomed Vietnam to restart its nuclear power program and the former is willing to help the latter with its experiences, high technology, and workforce training.
Energy - Mon, December 23, 2024 | 2:35 pm GMT+7
Philippines’ Jollibee earns $7.4 mln from fried chicken in Vietnam in Apr-Sept
The Philippines’ Jollibee Foods Corporation (JFC) earned an EBITDA (earnings before interest, taxes, depreciation, and amortization) of PDP435 million ($7.4 million) from its global fried chicken chain Jollibee in Vietnam in April-September.
Companies - Mon, December 23, 2024 | 12:35 pm GMT+7
Vietnam one of the most dynamic, important pharma markets in Southeast Asia: Sandoz exec
Vietnam is one of the most dynamic and important pharma markets in Southeast Asia, and Sandoz, a Switzerland-headquatered global leader in generic and biosimilar medicines, has decided to invest massively in the country, said Charaf Eddine Kadri, general director of Sandoz Vietnam.
Executive Talk - Mon, December 23, 2024 | 8:36 am GMT+7
Noi Bai, Tan Son Nhat airport terminals to be completed in 2025: investor ACV
The T3 passenger terminal at Tan Son Nhat International Airport in Ho Chi Minh City will be completed by April 30, 2025, two months ahead of schedule, while the expansion of the T2 passenger terminal at Noi Bai International Airport in Hanoi is slated for completion next year.
Infrastructure - Mon, December 23, 2024 | 8:23 am GMT+7
Vietnam’s benchmark VN-Index to reach 1,400-1,420 points in 2025: broker
The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), may hit 1,400-1,420 points in 2025, driven by an 18% market-wide profit growth and a price-to-earnings (P/E) ratio of 12.5-13x, according to broker MBBank Securities (MBS).
Finance - Sun, December 22, 2024 | 7:52 pm GMT+7
HCMC's first metro line officially operational after nearly 2 decades
The first urban railway line in Ho Chi Minh City, named Ben Thanh-Suoi Tien, officially started commercial operations on Sunday after nearly two decades of waiting.
Infrastructure - Sun, December 22, 2024 | 2:17 pm GMT+7
Vietnam's 2025 GDP to grow 6.5% on robust infrastructure investment, consumer spending recovery: VinaCapital
Domestic factors, including a ramp-up in Government infrastructure spending, a revival of the real estate market, and a recovery of consumer spending, will help sustain Vietnam's GDP growth at a circa 6.5% pace next year, in-line with the National Assembly’s official target and with 2024 GDP growth, write Michael Kokalari, chief economist at VinaCapital.
Consulting - Sun, December 22, 2024 | 2:00 pm GMT+7
Vietnam shipping, seaport stock rally driven by rosy outlook in 2025
Many shipping and port stocks have risen sharply since November on an optimistic outlook for the industry driven by increasing throughput and a shift in container shipping alliances in 2025.
Companies - Sun, December 22, 2024 | 10:00 am GMT+7
Singapore’s Platinum Victory seeks to raise stake in Vietnam’s REE to nearly 45%
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy another 16.8 million shares in Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE), aiming to increase its ownership to nearly 45%.
Finance - Sun, December 22, 2024 | 9:29 am GMT+7
1.8 km road connecting Lach Huyen Port terminals to be built in northern Vietnam
The Hai Phong Economic Zone Management Board has taken a significant step forward in enhancing infrastructure around Lach Huyen Port by establishing a council to appraise the environmental impact assessment for the road connecting terminals No. 3 to No. 6.
Economy - Sun, December 22, 2024 | 8:00 am GMT+7
Hanoi TikToker internationally wanted for involving in multi-billion-dollar scam
Hanoi police have issued an international arrest warrant for Le Khac Ngo, known as "Mr. Hunter," a key accomplice in a recently-dismantled massive foreign exchange and securities fraud ring.
Society - Sat, December 21, 2024 | 10:57 pm GMT+7