One of the top textiles and apparel exporting countries, Vietnam observed a record 15% growth in its earnings from the export of garments in the first five months of 2021.
According to data from Vietnam’s General Statistics Office, between January and May, Vietnam’s textiles and apparel exports reached over $12.2bn.
Astonishingly, in May alone, Vietnam observed a 35.1% increase year-on-year to around $2.6bn.
A year earlier – 2020 – Vietnam’s textile and garment export earned $29.5bn. Which was 10.2% down from 2019, according to the General Statistic Office.
The USA, the EU and Japan were the top three importers of Vietnam’s textiles and garments.
At the same time, the country’s apparel manufacturers are making less profit due to a surge in the price of input materials, said Vietnam Textile and Apparel Association (VITAS).
Vietnam’s Ministry of Industry and Trade report stated that to take advantage of the Free Trade Agreements to find solutions to develop markets and remove barriers to enter new markets for Vietnam’s manufacturers, as well as prioritize the implementation of export promotion activities and export markets likely to improve from the pandemic soon.