Vietnam becomes world’s second largest garment exporter

Thứ Ba, 17/8/2021| 10:26

Vietnam has surpassed Bangladesh as the world’s second largest exporter of ready-made garments (RMG), with a turnover of US$29 billion, according to statistics from the World Trade Organization.

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.


Vietnam becomes world’s second largest garment exporter

Vietnam becomes the world’s second largest garment exporter.

Bangladesh output declined during the pandemic, with factories closed as many western brands cancelled orders or delaying payments.

According to the General Statistics Office, in the first seven months of this year Vietnam’s garment and textile exports were worth $18.6 billion, a year-on-year increase of over 14 percent.

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