According to Vietnam Business News, although Asian producing countries are affected by the new wave of COVID-19, Vietnam’s textile industry exports are facing new opportunities. According to statistics from the Ministry of Industry and Commerce of Vietnam, Vietnam’s textile exports reached US$9.7 billion in the first four months of 2021, an increase of 10.7% compared with the same period in 2020. The main reason is that Vietnamese textiles take advantage of the conditions of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as the economic recovery of the US, the main importer of Vietnamese textiles.
According to Vietnam Securities Joint Stock Company SSI, Vietnam’s textiles will continue to grow until the third quarter of 2021, because almost all enterprise production orders are currently full until September 2021. . For the US market, China’s textile market share dropped from 28.5% in December 2020 to 23.6% in March 2021. During the same period, Vietnam’s textile market share in the US increased from 12.7% to 15.6%. It can be seen that China’s loss of market share in the United States has opened up new opportunities for Vietnamese textiles.
On the other hand, according to Vice Chairman of the Ho Chi Minh City Textile Embroidery Association Pham Van Viet, countries currently competing with Vietnam, such as China, Indonesia, and Myanmar, have experienced many markets fluctuations, leading to a decline in its production and export capabilities. In addition, Cambodia is also affected by a new wave of COVID-19, which has caused orders to flow faster than expected, and Vietnam’s export opportunities have also increased. </p
