The US, the European Union (EU), and Japan were named as the three key importers of Vietnam’s textiles and garments. An increase in the price of input materials, however, is lowering the profits of local firms exporting in this category, according to the Vietnam Textile and Apparel Association.
In 2020, Vietnam recorded an export turnover of $29.5bn from textile and garment products. This was down 10.2% from 2019, according to the General Statistic Office.
The Ministry of Industry and Trade is expected to take advantage of opportunities from Free Trade Agreements to find solutions to develop markets and remove barriers to enter new markets for Vietnam’s manufacturers, as well as prioritize the implementation of export promotion activities and export markets likely to recover from the pandemic in the near term, the report stated.