Vietnam Replaced Bangladesh As The World'S Second Largest Exporter Of Textiles And Clothing

Vietnam + reported on August 3, and fashionunited.de News reported on August 2, citing the world trade organization's 2021 world trade statistics, Vietnam has overtaken Bangladesh to become the world's second largest textile and clothing exporter.

Vietnam's textile and garment exports will reach 29 billion US dollars in 2020, an increase of 6.4% over the same period last year, according to the German correspondent of Vietnam News Agency. Over the past decade, Vietnam's share of textile and garment exports in the world has been increasing. In contrast, Bangladesh's textile and clothing industry will drop from 6.8% to 6.3% in 2020. This means that Vietnam has overtaken Bangladesh as the world's second largest textile and clothing exporter after China.

Affected by the outbreak of new pneumonia, many Western importers have cancelled contracts or delayed payment, resulting in the closure of a number of textile and garment factories in Bangladesh, and the output has also decreased significantly.

Vietnam signed a free trade agreement with the European Union in 2019, which will help promote Vietnam's exports to the EU. When the money market falls, the price of Vietnamese currency against the US dollar is not very volatile. Vietnam's social and political life is more stable than countries such as Bangladesh and India, and people have better education and medical infrastructure. In addition, due to its proximity to China, Vietnam has an advantage in finding raw materials and manufacturing machinery supply.