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[Vietnam's textile and apparel exports may reach 39 billion U.S. dollars in 2021]
Release date:[2021/1/8] Read a total of[40]time

Vietnam’s "Invest Online" reported on December 29 that Nguyen Jinchang, vice chairman of the Vietnam Textile and Apparel Association (Vitas), stated that 2020 is the first year that Vietnam’s textile and apparel exports have experienced a negative growth of 10.5% in 25 years. The export volume is only 35 billion U.S. dollars. The US$39 billion in 2019 decreased by US$4 billion. However, in the context of the global total trade of the textile and apparel industry falling from US$740 billion to US$600 billion, an overall decline of 22%, the decline of each competitor is generally 15-20%, and some even drop by 30% due to the isolation policy. The decline in Vietnam's textile and apparel exports is not too large.

   Due to the absence of isolation and production suspension in 2020, Vietnam ranks among the top 5 textile and apparel exporting countries in the world. This is also the most important reason for helping Vietnam's textile and apparel exports to remain in the top 5 exports despite the sharp decline in apparel exports.

The McKenzy report published on December 4, 2020 believes that the global textile and apparel industry will shrink by 93% in 2020. More than 10 well-known apparel brands and supply chains in the United States have gone bankrupt, and the country’s apparel supply chain has about 200,000 People are unemployed.

   At the same time, because production has not been interrupted, the market share of Vietnam's textile and apparel continues to grow, reaching the level of 20% of the US market for the first time, and it has occupied the first position for many months.

   With the entry into force of 13 free trade agreements including EVFTA, although they are not enough to make up for the decline, they also play an important role in the reduction of orders.

   According to forecasts, the textile and apparel market may not return to the level of 2019 until the second quarter of 2022 and the fourth quarter of 2023 at the latest. Therefore, it is still a difficult and uncertain year to be trapped in the epidemic in 2021. Many new characteristics of the supply chain have emerged, forcing textile and apparel companies to adapt passively.

   First of all, the wave of price cuts has filled the market, and simple styles have replaced fashion. This has also led to overcapacity on the one hand, and insufficient new capabilities on the one hand. Online sales are becoming more and more prosperous and intermediate links are reduced.

   In view of these market characteristics, the highest goal of Vietnam's textile and apparel industry in 2021 is to export 39 billion US dollars, which is 9 months to 2 years faster than the general market. Compared with the high target, the general target is 38 billion U.S. dollars, because the textile and apparel industry still needs government support in terms of stabilizing the macro economy, monetary policy, and interest rates.


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