Bangladesh is now in third position, with China remaining the largest exporter accounting for 31.6 market share despite a 7% decrease in 2020, valuing its exports at US$142 billion, said the report.

Vietnam becomes second largest garment exporter.

Vietnam’s clothing exports increased by 6.4% in 2020 with a market value of US$29 billion. Over the past decade, Vietnam’s share in the global apparel export market surged, while Bangladesh’s export growth dropped from 6.8% to 6.3% in 2020.

Bangladesh output declined during the pandemic, with factories closed as many western brands cancelled orders or delaying payments. Ongoing compliance issues have also forced closures while Vietnam managed to diversify its production making not just low-end, fast fashion garments but also mid and high-end clothing and accessories.

In 2019 Vietnam and the European Union signed a free trade agreement which significantly boosted trading to the world’s largest bloc.

Politically Vietnam is stable, and its citizens have access to better education infrastructure and healthcare, according to the article.

Vietnam’s garment sector aims for US$39 billion export revenue in 2021

Vietnam aims to export US$39 billion worth of garment products in 2021, according to national textile and garment group Vinatex.

Textile and garment exports to hit US$34 billion in 2020

Vietnam’s total textile and garment export revenue is forecast to reach US$33.5 – US$34 billion in 2020, down 14-15% over 2019 but higher than the previous forecast of US$31 billion.

Vietnam, India seek to boost garment and textile cooperation

Strengthening cooperation with India plays a crucial role in Vietnam’s garment and textile industry, aiming to enhance competitiveness and boost exports, especially as the Covid-19 pandemic is rippling through the world economy and causing disruptions in global supply chains.

Two garment enterprises in Bac Giang recognized “Prestige export company”

(BGO) – The Minister of Industry and Trade has approved and announced the list of 268 “Prestige export companies” in 2019, two of which are from Bac Giang province, namely Bac Giang LGG Garment Corporation Joint Stock Company (Lang Giang district) and Ha Phong Export Garment Joint Stock Company (Hiep Hoa district).

Source: NDO/VNA