Vietnam's textile and garment industry launches open strategy focusing on domestic market

Vietnam’s textile and garment industry has long established its position in the international market with impressive export turnover. However, in recent years, domestic textile and garment enterprises have increasingly focused on the potential domestic market. With a diverse product segment, focusing on quality associated with consumer trends, Vietnam’s textile and garment industry expects to increasingly expand its market share right at home.

Since the beginning of the year, Duc Giang Corporation and May 10 Corporation - JSC (May 10) have continuously opened new stores to introduce products under the HeraDG and S.PEARL fashion brands. General Director of Duc Giang Corporation Pham Tien Lam said that the company considers developing the domestic market as one of its important strategies. In the context of increasingly fierce competition in the retail market, Duc Giang Corporation's continued introduction of new shopping spaces to domestic customers is a testament to the development of the domestic market with quality fashion products.

Vietnam's textile and garment industry, expanding market share right on its "home turf"

Currently, many Vietnamese fashion brands have continuously expanded their sales points in the domestic market. Through this, many domestic textile and garment enterprises have built their own product segments and customer segments, thereby gradually creating value and affirming their position in the domestic fashion market, such as: Viet Tien Garment Joint Stock Corporation, Nha Be Garment Joint Stock Corporation, Hoa Tho Textile and Garment Joint Stock Corporation... Product quality with unique, creative, novel designs, associated with green trends and convenient consumption for consumers are being promoted by enterprises to dominate the domestic market, attracting Vietnamese consumers to prioritize using Vietnamese goods... According to Mr. Truong Van Cam, Vice Chairman and General Secretary of the Vietnam Textile and Apparel Association, the Vietnamese textile and garment industry must "go on two legs", both promoting exports and serving the domestic market. With a population of 100 million people and increasing income, if about 15% of income is spent on consumption, the domestic market capacity will reach about 7 billion USD by 2025. Currently, textile and garment enterprises have made many changes in production thinking, design, and use of diverse raw materials and accessories to suit the needs of each region, age, income, etc. Considered a highly attractive fashion market, in recent years, hundreds of major fashion brands in the world have continuously "landed" in Vietnam with a widespread system of stores. Experts say that in order not to lose market share right at home, Vietnamese textile and garment enterprises need to constantly innovate and develop in all aspects, increase product value, continuously launch new designs, and at the same time create breakthroughs with their own identity, their own path, and a friendly approach to consumers.

Source: https://thuonghieucongluan.com.vn/nganh-det-may-viet-nam-dua-ra-chien-luoc-mo-tap-trung-vao-thi-truong-noi-dia-a238400.html