This year will be the first year that Vietnam’s textile and garment sector sees export declines after 25 consecutive years of growth, mainly due to the COVID-19 pandemic.
According to the Ministry of Industry and Trade (MOIT), 2020 has been a particularly difficult year for Vietnam’s textile and garment industry as the market has suffered complicated and unpredictable fluctuations. The COVID-19 pandemic is developing in the US market and several European markets, causing difficulties for the Vietnamese textile and garment sector due to the shortage of export orders in the final months of this year.
Vietnam posted total textile and garment export revenue of US$26.73 billion in the first 11 months of this year, down 10.5% over the same period last year.
The MOIT said that thanks to the Vietnam’s effective control of the COVID-19 pandemic and the quick response and restructuring of enterprises in this field, the decline in textile and garment export revenue of Vietnam has not been not as large as other countries.
According to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang, despite the decreases in export revenue, the market share of Vietnam’s textile and garment has changed.
Vietnam has become the second largest textile and garment exporter to the US, the sixth largest exporter to the EU, the second largest exporter to Japan and the Republic of Korea. Of particular note is the fact thatVietnam has become the largest exporter of textiles and garments to China with a market share of 19.1%.
Source: Nhan Dan Online
