Apparel, Fashion & Retail | News & Insights

Vietnam surpassed the US as the world’s 2nd largest clothing exporter

Published: August 4, 2021
Author: Manali bhanushali
According to World Trade Organization data, Vietnam surpassed Bangladesh last year to become the world’s second largest garment exporter, with a turnover of US$29 billion.
Last year, Vietnam increased its worldwide market share to 6.4 percent, trailing only China’s 31.6 percent. It has only 2.9 percent of the market in 2019.
Vietnam’s garment and textile exports were worth $18.6 billion in the first seven months of this year, a year-on-year increase of over 14 percent. The Ministry of Industry and Trade said some major export markets such as the U.S. and Europe have higher demand for garments and footwear amid the economic recovery and the end of social distancing. Vietnam is expected to achieve its export target of $39 billion this year.
Many businesses have their order books completely booked for the remainder of the year. However, the ongoing Covid-19 epidemic is having an impact on the business.
Four industrial trade associations have asked the government to let them to import Covid vaccinations from the UAE for their employees.

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