Description
According to CRI’s analysis, Vietnam’s textile and garment industry has developed rapidly in recent years, and exports have also continued to grow.
The growth rate of Vietnam’s GDP in 2020 was about 2.9%. Considering the spread of COVID-19 in 2020, the annual GDP growth rate of 2.9% is already a good figure in the world. Vietnam’s economy has been increasing rapidly for many years, but wages of the manufacturing are still at a low level, which were less than 50% in China and far below that of the developed countries in 2020.
According to CRI analysis, Vietnam has about 7,000 textile and garment manufacturing enterprises with over three million employees and providing job opportunities for over one million workers in relevant industries by the end of 2020.
According to CRI’s analysis, Vietnam’s textile and garment industry has developed rapidly in recent years, and exports have also continued to grow. The export value of Vietnam’s textile and garment industry rose from 27.2 billion U.S. dollars in 2015 to nearly 40 billion U.S. dollars in 2019. Vietnam has become the world’s second largest exporter of textiles and garments after China.
In 2020, due to the impact of the COVID-19 epidemic, Vietnam’s textile and garment industry has been affected to a certain extent. In 2020, the export value of Vietnam’s textile and garment industry has declined, according to Viet NamExport.
However, as the COVID-19 epidemic is well under control in Vietnam, it is expected that Vietnam’s textile and garment industry will gradually recover in 2021, and the export value will gradually rise in 2021 to 2025.
Due to the COVID-19 epidemic, the Vietnamese government will maintain the minimum wage in 2021 at the level of 2020. The minimum wage in different regions is 3.0-4.42 million VND (approximately US$133-192) per month, which is less than China’s Half of it is far below the level of developed countries.
CRI predicts that from 2021 to 2025, foreign investors will establish more textile and garment enterprises in Vietnam. On the one hand, the export value of Vietnam’s textile and garment industry will continue to grow. At the same time, as the income of Vietnamese residents rises, the textile and garment markets in Vietnam and ASEAN the market size will continue to rise.
Considering that the quality of human resources in Vietnam are universally higher than most countries in south-east Asia, the productivity is relatively higher. With regards to manufacturing enterprises of garment raw materials, product enterprises and brand enterprises, Vietnam is a rather good investment destination.
Key Topics Covered in Vietnam Textile and Garment Industry Report 2021-2025
-The impact of COVID-19 on Vietnam Textile and Garment Industry
-Relevant Concepts of Textile and Garment Manufacturing Industry
-Analysis on Textile and Garment Manufacturing Industry in Vietnam
-Competition Status of Textile and Garment Manufacturing Industry in Vietnam
-Analysis on Top 40 Textile and Garment Manufacturers in Vietnam
-Analysis on Cost and Price in Textile and Garment Manufacturing Industry in Vietnam, 2015-2021
-Forecast on Development of Garment Industry in Vietnam, 2021-2025
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Research Report on Footwear Market in Vietnam, 2016-2030
