In January 2021 Vietanam’s export turnover in textile and garment industry rose 3.3 per cent year on year. Some products enjoyed a high growth rate of between 9 per cent and 36 per cent. The industry achieved 20 per cent growth in the US market for the first time.
Despite the global fashion industry suffering from a range of challenges caused by the pandemic, the Vietnamese garment and textile industry recorded positive growth in market shares to major locations such as the United States and Europe. But this year marks the first time in 25 years that Vietnamese textile exports recorded negative growth rate of 10.5 per cent comopared to 2019. This year, local businesses are expected to boost market expansion and maximize benefits from free trade agreements such as the EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to bolster exports.
The global fashion industry’s profits saw a 93 per cent dip, with more than 10 major fashion brands going bankrupt and roughly 2,00,000 workers in the fashion supply chains in the US losing their jobs. However the global textile market is anticipated to bounce back during the second quarter of 2022.