Export turnover of textiles and the textiles industry in Vietnam grew by 3.3% annually in January 2021. There was strong growth in some goods between 9% and 36%. For the first time, the industry in the US has achieved 20% growth.
Despite the pandemic’s global apparel sector, the Vietnamese textiles and apparel industry has seen positive market share growth at major sites such as the USA and Europe. However, Vietnamese exports posted a negative growth rate of 10.5% compared to 2019 for the first time in 25 years. This year marks the first time. The EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreeing for the Trans-pacífic Partnership to promote exports should fuel market development this year and optimize benefits.
The global retail industry’s profits have fallen 93 percent, more than 10 main apparel brands have failed and approximately 2 000 fashion supply chains working in the US have lost their jobs. In the second quarter of 2022, however, the world textile industry is projected to rebuild.