?Vietnam has surpassed Bangladesh as the world’s second largest exporter of ready-made garments (RMG), Fashion United, an international B2B fashion platform, quoted the World Trade Statistical Review 2021 released by World Trade Organization (WTO).
Illustrative image (Photo: VNA)
Bangladesh is now in third position, with China remaining the largest exporter accounting for 31.6 market share despite a 7 percent decrease in 2020, valuing its exports at 142 billion USD, said the report.
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Vietnam’s clothing exports increased by 6.4 percent in 2020 with a market value of 29 billion USD. Over the past decade, Vietnam’s share in the global apparel export market surged, while Bangladesh’s export growth dropped from 6.8 percent to 6.3 percent in 2020.
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Bangladesh output declined during the pandemic, with factories closed as many western brands cancelled orders or delaying payments. Ongoing compliance issues have also forced closures while Vietnam managed to diversify its production making not just low-end, fast fashion garments but also mid and high-end clothing and accessories.
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In 2019 Vietnam and the European unio signed a free trade agreement which significantly boosted trading to the world’s largest bloc.
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Politically Vietnam is stable, and its citizens have access to better education infrastructure and healthcare, according to the article./.
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CPV (Source: VNA)
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