(VOVWORLD) - Vietnam has surpassed Bangladesh as the world’s second largest exporter of ready-made garments, according to an article published on Monday by international B2B fashion platform Fashion United.
 Vietnam's share of the global apparel market now trails only China's. |
The article, which cited the WTO’s World Trade Statistical Review 2021, said Vietnam’s clothing exports in 2020 increased 6.4% and had a market value of 29 billion USD.
Over the past decade, Vietnam’s share of the global apparel market has surged. Vietnam’s market share now trails only China’s.
Vietnam has managed to diversify its production, making not just low-end garments but also mid- and high-end clothing and accessories.
In 2019, Vietnam and the European Union signed a free trade agreement which significantly boosted trade with the world’s largest bloc.
Politically Vietnam is stable, and its citizens have access to rapidly improving education infrastructure and healthcare, according to the article.