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Industry News | Time: Jan 13 2021 3:39PM
Vietnamese textile and apparel exports expected to return to the level before COVID ourbreak in 2021
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Vietnamese textile and apparel group predicts that Vietnamese textile and apparel exports value are expected to reach 38-39 billion USD in 2021. According to the group's analysis, due to the low efficiency of the textile industry in the past year, it may be difficult for Vietnamese textile and apparel mills to obtain loans. Enterprises hope that the government will provide special incentive policies to support the industry.

At present, the Vietnamese government has reduced nonproductive costs, especially logistics services and other non-tariff costs. Vietnam's Ministry of industry and trade also helped the textile industry to maximize the new FTA. In 2020, Vietnam is the only one of the world's top five textile and apparel exporters that has not stopped production.

Although Vietnamese textile and apparel exports value in 2020 was only 35 billion USD, far lower than 39 billion USD in 2019, the performance was still very good, because the overall global demand dropped by more than 22%. It is reported that Vietnamese textile and apparel industry has taken a series of measures to cope with the crisis, and has retained more than 4 million textile industry jobs.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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