In the first eight months of 2017, Vietnam’s textile and garment exports grew 9.9 per cent year on year. The US remained Vietnam’s leading market, accounting for 51 per cent of the market share.
However, Vietnam imports 60 per cent of its fiber as cotton farms in Vietnam have shrunk significantly and meet only 0.04 per cent of the domestic textile sector’s demand. The country is one of the world’s leading importers of fabrics and materials. The shortage of high-quality materials for production is the biggest barrier to Vietnam’s textile and garment industry, hindering the country from taking advantage of free trade agreements.
Vietnam’s textile and apparel sector has set a target of seven per cent growth over 2016. Currently, Vietnamese garment and textile products are available in 40 countries and territories around the world, with major markets including the United States, Japan, the Republic of Korea, China and the EU. Vietnam is one of the five largest textile and garment exporters in the world.
Vietnam's Ho Chi Minh City will build large centers for designing fashion, trading garments, textile material and accessories to become the country’s future garment, textile material and accessory hub. Ho Chi Minh City has set targets of meeting 80 to 90 per cent of Vietnam's demand for garments and textiles by 2020.