The country’s share of textile exports rose from 5.9 percent in 2015 to 8.9 percent last year, while that of China fell from 38.3 to 29.1 percent, according to a report by market research firm Fitch Solutions.

A worker make garment products at a factory in Thai Nguyen Province, northern Vietnam.

Some other countries, such as Bangladesh, also saw rising export share in the period.

A similar trend is happening with consumer goods produced with low technology.

Vietnam’s share of furniture exports rose from 3.3 percent in 2010 to 8 percent last year, an increase of $5.3 billion in value.

Its share of fishing equipment exports rose from 2.1 percent to 3.9 percent in the period, an increase of $77.9 million in value.

Its share of umbrella exports rose from 0.1 percent to 0.7 percent in the period, an increase of $18.6 million in value.

Other Southeast Asian countries that have seen their share of exports rising in recent years are Cambodia, Indonesia, and Malaysia.

The trend of shifting manufacturing away from China is expected to continue because of the U.S.-China trade tensions and the Covid-19 pandemic prompting companies to diversify their supply chains.

Products that are going to be produced more outside of China are electrical appliances and electronics such as vacuum cleaners, electric shavers and lamps, Fitch Solutions said.

There is also direct evidence that Vietnam is among the beneficiaries of production moving out of China in recent years. Major tech giants like Apple, Google and Microsoft have begun or plan to start production in Vietnam this year.

The world’s largest contract manufacturer Foxconn has recently confirmed that Vietnam is its largest manufacturing hub in Southeast Asia, with capacity bigger than in South Asian giant India.

Many businesses continue to export Bac Giang lychee to Japanese market

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Bac Giang: Business and production revenue in industrial parks hit 58 trillion VND

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Hanoi commits to creating stable environment for Thai businesses

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Job Service Center in Bac Giang province links businesses and labourers

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Story of Tay ethnic people doing homestay business

(BGO)- The model of homestay combined with eco-tourism in An Lac commune, Son Dong district, Bac Giang province has been shaped and become well-known for many people. Vu Ngoc Huan (44 years old), a Tay ethnic man, Secretary of the party committee of Na O village, Director of An Lac Community Tourism Service Cooperative is one of the pioneers in approaching and establishing this model. 

Source: VnExpress