A New Wave Of Epidemic Situation Brings New Opportunities For Vietnam'S Textile Industry

 

Vietnam's textile industry and Commerce Daily reported that although Asian producers were affected by a new wave of new outbreaks, Vietnam's textile exports ushered in new opportunities. According to the statistics of Vietnam's Ministry of industry and commerce, the export value of Vietnam's textile reached 9.7 billion US dollars in the first four months of 2021, an increase of 10.7% compared with the same period in 2020. The main reason is that Vietnam textiles take advantage of the conditions of the trans Pacific Partnership comprehensive progress agreement (cptpp), as well as the market economy recovery of Vietnam's main textile importing country, the United States.

 

According to SSI, Vietnam Securities Co., Ltd., Vietnam textiles will continue to grow into the third quarter of 2021, as almost all enterprises' production orders have reached September 2021. For the U.S. market, China's textile market share decreased from 28.5% in December 2020 to 23.6% in March 2021, while Vietnam's market share in the United States increased from 12.7% to 15.6% in the same period. Thus, China's lost market share in the United States opens up new opportunities for Vietnamese textiles.

 

On the other hand, according to fan Wenyue, vice president of Ho Chi Minh textile and embroidery Association, countries that currently compete with Vietnam, such as China, Indonesia and Myanmar, have experienced many market fluctuations, leading to a decline in their production and export capacity. In addition, Cambodia is also affected by a new wave of new outbreak, resulting in the flow of orders faster than expected, resulting in the growth of Vietnam's export opportunities.