2016 was a difficult year for the apparel industry due to both domestic and international factors.
Demand from import markets has decreased as foreign brands and manufacturing units are relocating to other countries such as Myanmar, Bangladesh and Cambodia.
Employing some 12,000 workers, this company saw a sharp decline in their growth in 2016.
Do Thi Dung, Worker, Garco 10 said: Despite the recession, we're all determined to stay with the company. In 2016, we all experienced difficulties but still strived to cover both low-end and high-end segments. Productivity is good and each worker is required to do multiple tasks.
Vietnamese textile companies have been advised to return their focus to the domestic market as foreign demand falls. However, there are no bright prospects as the domestic market only makes up 4.5 billion USD of total revenue.
Meanwhile, India's domestic market tripled the size of its export market while the figure for Indonesia is more than double.
Vietnamese enterprises, by contrast, have to rely on themselves to overcome their difficulties.
"We're targeting specific measures. First, it is to be cost-effective, as we must curb input materials. Secondly, we need to be creative as this is the key to increased productivity within the shortest time", Nguyen Thi Thanh Huyen, Director General, Garco 10 said.
Despite the difficulties in the coming time, firms are cautiously optimistic that thing could work out. This business has targeted a 10% profit this year and has pencilled in increased salaries by up to 5 to 7% compared to 2016. These targets for the firm are an attempt to boost morale and productivity./.
