According to a “Vietnam+” report on August 2, the Industrial and Trade Information Center of the Ministry of Industry and Trade of Vietnam announced that the export value of Vietnam’s textile and apparel industry in the first half of 2021 reached 19.18 billion U.S. dollars, year-on-year. An increase of 21%, an increase of 4.25% compared with the same period in 2019. However, the COVID-19 epidemic continues to be complex and unpredictable, requiring textile companies to take corresponding measures to effectively prevent the epidemic while maintaining stable production and preparing to promote exports.
The center said that the new crown epidemic caused Vietnam’s textile and apparel exports to slow down in 2020, but recovered quickly from the last few months of 2020, and in the first six months of 2021 Strong monthly growth.
The Ministry of Industry and Trade stated that from 2016 to 2020, the competitiveness of Vietnam’s textile and apparel industry will continue to improve. While textile and apparel exports in the global market dropped by an average of 0.26% annually, Vietnam’s textile and apparel exports still achieved an average annual growth of 6.13% during this period.
Vietnam’s textile and apparel export proportion in 2020 was 7.05%, higher than 5.54% in 2016. It is the fourth largest textile and apparel exporter in the world, second only to China and EU, Bangladesh. At the same time, China’s textile and apparel market share continued to shrink from 34.31% in 2016 to 29.45% in 2020.
Vietnamese textile and clothing products are sold to more than 200 countries and regions around the world, a significant increase from 150 in 2016. Currently, Vietnam’s textile and apparel industry is working hard to achieve breakthroughs in other markets such as China, Russia, Cambodia, Indonesia, and Thailand.
The Ministry of Industry and Trade stated that Bangladesh, Turkey and many other supply markets that are competitive with Vietnam currently have internal problems in their textile and garment industries and are unable to achieve breakthroughs and Compete directly with Vietnam.
In the next period of time, due to the trend of export diversion due to the tense trade relations between the United States and China, in-depth participation in new generation free trade agreements such as CPTPP, EVFTA and the upcoming RCEP will be Vietnam’s textile and apparel exports create opportunities.
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