Retail News CRM

Tag: Garments

  • Canada imports 50% more Vietnamese garments, seafood

    Canada imports 50% more Vietnamese garments, seafood

    Vietnamese garment and seafood exports to Canada have surged 50% year-on-year, totaling values of $1.1 billion and $334 million, respectively.

    As the two categories saw the most significant increases in exports to Canada of the last three years, other categories such as wood, chemicals, metal, cashew nuts, handbags, and machines also recorded growth of between 3% and 30%, according to statistics from the Vietnam Customs Office.

    Total exports from Vietnam to Canada have risen 28.7% year-on-year to nearly $5.5 billion over the same period.

    Canada is Vietnam’s second-largest export market in the Americas, behind the U.S.

    And Vietnam is Canada biggest export market in ASEAN.

    But Canada has been increasing its trade safeguards against Vietnam recently, and Vietnamese authorities have proposed that the country impose a fairer trade policy with Vietnamese goods in line with regulations of the World Trade Organization, said Vo Tan Thanh, deputy chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

    He said that Canada should be more open to importing competitively priced Vietnamese agricultural products such as vegetables and coffee.

    At the 29th APEC Summit in Thailand, Vietnam President Nguyen Xuan Phuc and Canadian Prime Minister Justin Trudeau agreed to expand and deepen bilateral cooperation in all fields, especially trade and investment.

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  • China to become major buyer of Vietnam’s garments

    China to become major buyer of Vietnam’s garments

    China is set to become a major export market for Vietnam’s textile and garment industry, making up for the lull in traditional markets like Japan and the EU.

    According to Vietnam National Textile and Garment Group (Vinatex), Covid-19 has rendered some of the main markets unstable. For example, the E.U. is facing the risk of a pandemic resurgence, while Japan’s economy is yet to revive. Therefore, Vietnam’s textile and garment exports to these two markets are not expected to rise this year.

    Meanwhile, China has indicated in its 14th five-year plan that it will not concentrate on textile and garment production in the 2021-2025 period.

    Vietnam’s textile and garment exports to China in Q1 experienced the highest growth among the five largest textile and garment export markets (the U.S., Japan, South Korea, E.U., and China), Vinatex reported. Textile and garment export value to China during the period was as high as that to the E.U. at $680 million.

    One challenge for Vinatex this year is the falling demand of office wear, which is one of the group’s main products. Amidst the pandemic, consumers prefer casual wear and sportswear. Another difficulty is that inflation is expected to rise this year, resulting in higher lending rates and increased financial expenses.

    Vinatex targets revenues of VND1.5 trillion ($66 million) this year, up 5 percent year-on-year, and pre-tax profit of VND201 billion, up 37 percent. The group said it will continue to divest from ineffective companies this year.

    Vietnam’s textile and garment exports in the first five months of 2021 hit $12.2 billion, up 15 percent year-on-year, according to the General Statistics Office.

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  • Crocodile Garments wary of double whammy

    Crocodile Garments wary of double whammy

    Chinese apparel retailer Crocodile Garments has warned investors it expects its annual results to “deteriorate greatly” from last year due to a double whammy.

    On the one hand, there has been a decrease in gains from the revaluation of its investment properties, while on the other retail sales are down due to falling consumer confidence and Hong Kong protests.

    The company has warned that consumers in Hong Kong, where it is listed, and other markets, are spending less due to the global economic downturn and “social chaos”, an apparent reference to the ongoing protests in Hong Kong.

    Last year the company reported a profit attributable to shareholders of HK$162.5 million.

    “If the negative impact of existing social chaos becomes seismic, results of the garment business are possibly foreseen to worsen,” the company said in a stock exchange filing.

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