Vietnam becomes the 2nd largest garment exporter in the world

VTV.vn – Vietnam has surpassed Bangladesh in garment exports, second only to China.
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The latest statistics on world trade in 2021 released by the World Trade Organization (WTO), Vietnam has surpassed Bangladesh to become the world’s second largest garment exporter.
Over the past 10 years, Vietnam’s share in the global garment export market has increased dramatically. In 2020, Vietnam’s garment exports grew by 6.4% with a market price of $29 billion.
Meanwhile, the growth rate in Bangladesh’s garment sector has decreased from 6.8% to 6.3% in 2020.
Vietnam becomes the second largest garment exporter in the world – Photo 1.
Vietnam becomes the second largest garment exporter in the world. Illustration – Dan Tri.
Currently, Vietnam is only behind China – a country with a market share of 31.6% (down 7% in 2020), with an export value of 142 billion USD.
This is because Vietnam has sought to diversify production, not only in fast fashion (cheap, trendy) but also mid-range and high-end clothing and accessories.
In 2019, Vietnam and the European Union (EU) signed a Free Trade Agreement (EVFTA) and this also helped significantly boost Vietnam’s exports to the European market.
Vietnam’s currency against the US dollar is less volatile in price when the market declines.
Vietnam’s socio-political life is more stable than in countries like Bangladesh and India, and people have better access to education and healthcare infrastructure.
In addition, due to its proximity to China, Vietnam has an advantage in finding sources of raw materials and machinery for production.

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