Falling demand for masks and PPE is encouraging Vietnamese textile and apparel industry to concentrate on sportswear and yarn, says Le Tien Troung, General Director, Viet Nam National Textile and Garment Group. Many clothing and footwear companies in Vietnam are looking for new markets after COVID-19. Sportswear is the most profitable avenue for such businesses, as public perception of physical activity increased during the pandemic. Euromonitor International expects demand for sportswear to fall by just 8 per cent in 2020. Over the last five years, the sportswear market has grown at 6.5 per cent CAGR, 1.5 times the industry average, and is predicted to be worth $479 billion globally by 2025.
One of Vietnam’s most profitable businesses in 2020, The Thanh Cong Textile Garment Investment Trading JSC, has stopped taking orders for medical protective gear and antibacterial masks in favor of traditional items like T-shirts and sportswear. According to the Viet Nam Textile and Apparel Association, several businesses have received orders until the end of April, mostly for sportswear. The Ky Yarn Joint Stock Company also intends to concentrate on high-quality, competitive yarn, says Dang Trieu Hao, President.