According to a Vietnamese media source, Vietnam is expected to surpass Bangladesh, the second-largest garment exporter in the world, and earn $44 billion from garment exports this year. With an estimated $44 billion in export revenue this year, up 11% from the previous year, Vietnam’s garment and textile industry is expected to overtake Bangladesh as the world’s second-largest exporter.
With an 11.99 percent growth rate for fiscal year 2024–2025, Bangladesh set a goal of $40.48 billion for clothing out of a total of $50 billion for exports. Bangladesh does not base its apparel export goals on the time of year. Knitwear and woven goods are expected to export for $21.7 billion and $18.78 billion, respectively.
Cao Huu Hieu, CEO of Vietnam National Textile and Garment Group (Vinatex), the nation’s largest clothing manufacturer, revealed the $44 billion export goal during a news conference on Wednesday. The global economy underperformed in the first half of 2024, he emphasized, and the sector received few orders with stringent requirements, which contributed to its poor result.
However, the sector recovered and thrived in the second half of this year, not thanks to the growing demand, but because of the political issues in Bangladesh promoting firms to make orders in Vietnam. This is a “fortune” for the sector amid challenges, he added.
Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said there was no doubt that Vietnam would surpass Bangladesh as the east Asian country’s apparel industry faces no bottlenecks.
