Vietnam'S Textile And Garment Industry Has Great Development Opportunities

According to a report recently released by Fitch solutions, a research company, in the context of global supply chain transfer, textile and garment industries in Asian countries such as Vietnam, Cambodia and Myanmar have great development opportunities.

FIS believes that it can increase the market share of China's textile and European apparel with the above three countries.

Fitch solutions forecasts that Vietnam's textile and garment exports will grow by 30% in 2019, with a global market share of 8.7%. In 2018, Vietnam's textile and clothing accounted for 6.8% of the global market share.

In 2019, Cambodia's textile and garment industry accounted for 1.4% of the global market share. In the past 10 years, the average annual growth rate of China's textile and clothing industry is 13%, the labor cost is low, and the investment policy is good (foreign investors are allowed to set up wholly-owned enterprises in the field of textile and clothing). These advantages provide strong support for the sustainable development of China's textile and clothing industry. In addition, Cambodia can import Chinese textile raw materials through Vietnamese ports.

In addition to Cambodia, Myanmar's textile and garment industry will grow strongly. The country has a convenient port system and port transportation costs are among the cheapest in the region.