Normally I would bind data to a DropDownListFor with a SelectList:
@Html.DropDownListFor(model => model.CustomerId, new SelectLi
You could create the select list itself in the controller and assign it to a property in your view model:
public IEnumerable OrdersList { get; set; }
The code in your controller will look like this:
model.OrdersList = db.Orders
.Select(o => new SelectListItem { Value = o.OrderId, Text = o.ItemName })
.ToList();
In the view you can use it like this:
@Html.DropDownListFor(model => model.CustomerId, Model.OrderList)
I personally prefer this approach since it reduces logic in your views. It also keeps your logic 'stronly-typed', no magic strings anywhere.