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Vietnam becomes second largest garment exporter

Vietnam has surpassed Bangladesh as the world’s second largest exporter of ready-made garments (RMG), Fashion United, an international B2B fashion platform, quoted the World Trade Statistical Review 2021 released by World Trade Organization (WTO).
Vietnam becomes second largest garment exporter ảnh 1Illustrative image (Photo: VNA)
Berlin (VNA) - Vietnam has surpassed Bangladesh as the world’s secondlargest exporter of ready-made garments (RMG), Fashion United, an internationalB2B fashion platform, quoted the World Trade Statistical Review 2021 releasedby World Trade Organization (WTO).

Bangladesh is now in third position, with China remainingthe largest exporter accounting for 31.6 market share despite a 7 percent decrease in2020, valuing its exports at 142 billion USD, said the report.

Vietnam’s clothing exports increased by 6.4 percent in 2020with a market value of 29 billion USD. Over the past decade, Vietnam’s share inthe global apparel export market surged, while Bangladesh’s export growth droppedfrom 6.8 percent to 6.3 percent in 2020.

Bangladesh output declined during the pandemic, withfactories closed as many western brands cancelled orders or delaying payments.Ongoing compliance issues have also forced closures while Vietnam managed todiversify its production making not just low-end, fast fashion garments butalso mid and high-end clothing and accessories.

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

Politically Vietnam is stable, and its citizens have access to better educationinfrastructure and healthcare, according to the article./.
VNA
#Vietnam #Bangladesh #second largest exporter #ready-made garments #Fashion United #Vietnam #Vietnamplus #Vietnam News Agency
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