Surpassing the Republic of Korea, Vietnam has become the world’s sixth largest fiber and yarn exporter after shipping abroad $2.37 billion worth of these items in the first five months of 2022.
As per a Vietnam plus report, exports of textiles and garments, fibre, yarn and fabric brought home $18.73 billion during the period, rising 20.81 per cent year-on-year. That includes $14.99 billion in textiles and garments, $376.8 million in geotextiles and $979.8 million in materials.
According to Vietnam Cotton and Spinning Association (VCOSA) China accounted for 60 per cent of Vietnam’s total textile and garment exports.
Meanwhile, the US and Europe, which are the world’s biggest textile and garment importers, have reduced shipments from China, giving Vietnam a chance to expand its market share.
VCOSA added Vietnam’s economic integration into the world, especially the participation in free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU - Vietnam Free Trade Agreement (EVFTA), also promises breakthrough developments for the fibre and yarn segment.
