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Monday, June 17, 2024

Vietnam turns into the world’s 2nd largest garment exporter

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Vietnam overtook Bangladesh’s final yr to turn out to be the world’s second-largest garment exporter with a turnover of US$29 billion, by statistics from the World Trade Organization.

Vietnam gained a world market share of 6.4 % final yr, much less solely than China’s 31.6%. In 2019, it had solely had a share of 2.9%.

Bangladeshi garment output fell final yr as many western companies canceled orders or delayed funds and garment factories closed down amid the Covid-19 pandemic.

Prof Mustafizur Rahman, a distinguished fellow at Bangladesh’s Heart for Coverage Dialogue, stated Vietnam’s pretty good management of the pandemic in 2020 was a contributing consider boosting garment manufacturing and export, whereas its garment trade outdid Bangladesh’s when it comes to labor and capital productiveness and product diversification.

In response to the Common Statistics Workplace, within the first seven months of this yr, Vietnam’s garment and textile exports have been valuing $18.6 billion, a year-on-year improvement of over 14 %.

The Ministry of Trade and Commerce stated some main export markets such because the U.S. and Europe have a larger demand for clothes and footwear amid the financial restoration and the tip of social distancing, making circumstances favorable for Vietnam to attain its export goal of $39 billion this yr.

Many corporations have their order books full for the remainder of the yr. Nevertheless, the persevering with the Covid-19 outbreak is affecting the industry.

4 trade commerce teams have known as on the federal government to permit them to import Covid vaccines from the UAE for his or her staff.

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Rachel Ha
Industrial and agricultural product enthusiast. Expert on Vietnam economy. Focus on FTA agreements between Vietnam and other countries.
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