With nearly 100 million people, the domestic market is considered fertile land for textile enterprises to boost production and dominate the market.
However, in the face of increasingly fierce competition from major fashion groups globally, domestic enterprises need to have a roadmap and direction to avoid losses at home.
Textile and garment enterprises have mainly focused on exports and have not paid much attention to the domestic market.
Facing difficulties caused by the pandemic, especially when the export market declined, businesses have boosted investment in researching, changing product structure and promoting market development.
The Nhan Dan (People) newspaper quoted the general director of Garment 10 JSC Than Duc Viet as saying that before the negative impact of the pandemic caused many export markets to be "frozen," the company had plans to focus on developing the market in the near future.
It will continue to promote the development of the domestic market with suitable products that both ensure quality and have prices suitable for consumers.
Similarly, with more than 1,300 stores introducing and selling products nationwide, Viet Tien Garment Corporation has gradually affirmed its name and position with famous brands such as Viettien and Viettien Smartcasual, and San Sciaro.
Bui Van Tien, general director of Viet Tien Garment Corporation, affirmed that the corporation would continue to promote the development of the domestic market, aiming to grow from 10 to 15 per cent of the total export value of Vietnamese textile and garment by 2030, and boost online sales from 25 to 35 per cent.
Chairman of the Viet Nam Textile and Apparel Association Vu Duc Giang affirmed that the domestic market still had a lot of room for development.
According to Giang, Vietnamese textile and garment enterprises had been affirming their position in the domestic market with products in the medium and high segments.
The target for the domestic market is to account for US$3.5 billion to $4 billion by year end.
The Viet Nam Textile and Apparel Association will continue to accompany the business community on counterfeit goods by linking with market management agencies and mobilising consumers through communication channels.
At the same time, it will call for investment from domestic textile enterprises and foreign direct investment enterprises in the country's supply. — VNS