Vietnam tops apparel retail list
06-AUG-2008 Intellasia | 04/Aug/2008 Thanhnienews
Aug 6, 2008 - 6:59:00 AM
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Vietnam is on top of the list of the most lucrative retail destinations, the place India was five years ago, the Economic Times of India reported.
"Ready to take off, Vietnam could challenge India's dominant position," the newspaper said, adding that Vietnam burst on to the textile scene about five years ago with low wages and a strong consumer market receptive to global brands.
Cost competitiveness has given Vietnam an exporter's advantage over India, it said, citing Secretary general of Confederation of Indian Textile Industry D K Nair as saying that textile manufacturers are shifting base to the Southeast Asian country due to lower production costs.
Vietnam's young population has increased consumer spending by more than 75% between 2000 and 2007, the newspaper added.
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