Apparel / Textiles & Accessories

On August 2nd, citing the 2021 World Trade Statistics report published by the World Trade Organization, Vietnam has surpassed Bangladesh to become the world's second largest exporter of textiles and clothing.

The Vietnam News Agency in Germany reported that Vietnam’s textile and apparel exports reached 29 billion U.S. dollars in 2020, a year-on-year increase of 6.4%. Over the past ten years, Vietnam’s share of the world’s textile and apparel exports has continued to increase. In contrast, Bangladesh, in 2020, its textiles and apparel will drop year-on-year, from 6.8% to 6.3%. This means that Vietnam has surpassed Bangladesh to become the world's second largest exporter of textiles and garments, second only to China.

Affected by the new crown pneumonia epidemic, many Western importers have cancelled contracts or delayed payments, which has led to the closure of many textile and garment manufacturing plants in Bangladesh and a sharp drop in output.

In 2019, Vietnam and the European Union signed a free trade agreement, which helped promote Vietnam's exports to the European Union. When the currency market fell, the price of the Vietnamese currency against the U.S. dollar fluctuated little. Vietnam’s social and political life is more stable than countries such as Bangladesh and India, and people have better education and medical infrastructure conditions. In addition, due to its proximity to China, Vietnam has an advantage in finding raw materials and production machinery supplies.