Vietnam’s textile industry is rapidly expanding. It has every chance of becoming the world’s leading textile producer within the foreseeable future. The Vietnamese textile industry currently ranks fourth globally in terms of size, behind textile giants China, India, and Bangladesh.

In 2015, Vietnam’s textile industry exported $27.3 billion worth garments and employed 2.5 million workers, constituting a fifth of all new jobs created in the country.

The domestic supply chain accounts for 35 per cent of the materials for the textile industry and can reach 50 per cent in the next five years, allowing Vietnam to position itself as a global leader in textile production. The large and growing population of over 90 million and the country’s location at the intersection of the world’s busiest shipping lanes are favorable for the transport of goods by sea.

Vietnam possesses all of the requisite characteristics to become the center of international textile production. It can supply 10 per cent or more of the global demand, secure sustainable development for 20 to 30 years. It possesses an established supply chain with 50 to 60 per cent of the materials domestically sourced, has a relatively large domestic market and has access to seaport networks convenient for the shipment of products in the shortest possible time.