19 December 2023, Mumbai
Vietnam's Textile and Apparel (T&A) exports are set to plummet by over 9% this year, reaching $40 billion, largely due to the lingering impact of the COVID-19 pandemic and a glut of unsold clothing.
Despite this contraction, Vietnam managed to reach 104 international markets with its T&A products.
- U.S. remains the top buyer: The United States remains the dominant buyer, spending over $11 billion on Vietnamese T&A by September.
- Diversification beyond China: Notably, Vietnam diversified its exports, with Japan ($3 billion), the EU ($2.9 billion), South Korea ($2.43 billion), Canada ($850 million), and even China ($830 million) all becoming significant destinations.
- Jackets top the charts: Jackets were the most lucrative export, generating over $4.38 billion, followed by trousers ($3.85 billion) and shirts ($1.87 billion).
CREDITS: Vietnam Textile and Apparel Association (VITAS)
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