Vietnam apparel industry in 2020 is a great opportunity for investors

investment Sep 20, 2020

Vietnam apparel industry in 2020 is now on revolutional growth. Vietnam is currently one of the biggest textile and garment manufacturers and exporters in the world. That is the reason why the number of apparel manufacturing factories in Vietnam is getting higher and higher. This article will provide readers a closer look into Vietnam apparel industry in the next period.

Vietnam apparel industry in 2020

Vietnam apparel industry in 2020 has a big movement (Source: Textile Today)

The situation of Vietnam apparel industry in 2020

Trade promotion and global economic integration are now an evitable tendency. In the past several years, the exporting goods in Vietnam has always been charged with unreasonable trade barriers. This discourages the production of Vietnam apparel industry. The production of clothes to export in developed countries such as America, EU, Japan, etc also has a modest growth rate.

It can be seen that the fabric factory mostly focus on manufacturing, as this is the industry that really contributes to the total exports of Vietnam. The abundant workforce is also an advantage of Vietnam apparel industry. Moreover, now there are more than 6000 domestic apparel companies. These are the factors that make the apparel industry the second exporting industry in Vietnam.

The role of Vietnam apparel industry in national economic growth

Vietnam apparel industry has an important role in national economic growth. It gets to meet the domestic consumption demand as well as exportation one, and create conditions for opening to international trade, to bring more income sources to the country. As the Resolution adopted by the seventh Party Congress goes, “Increase more and more the consumer goods production to meet the more and more various domestic and exportation demand”.

This has shown that the apparel industry plays an important role in the process of industrialization and modernization of the country in terms of two aspects: providing consumer goods and providing goods for exportation to expand international trade. Vietnam apparel industry has a close relationship with the development of the other industries. The reason is that as a key industry of the economy, Vietnam apparel industry calls for a considerable amount of materials, which are the products of the other sectors. This creates favorable conditions for the investment and development of these economic sectors.

vietnam apparel industry 3

List of 5 big apparel and garment companies in Vietnam 2020

Vietnam apparel industry is potental and attracted foreign investors. Below are top 5 apparel and garment companies in Vietnam:

1. VIET TIEN GARMENT COMPANY, Ho Chi Minh, Vietnam

2.VINATEX - Vietnam National Textile and Garment Group, Ha Noi, Vietnam

3. March 29 Textile Garment JSC Company, Da Nang, Vietnam

4. NBC - Nhabe Textile & Garment Corporation, Ho Chi Minh, Vietnam

5. Gigitex - Gia Dinh Textile & Garment Corporation, Ho Chi Minh, Vietnam

Almost big apparel and garment factories are placed in Ho Chi Minh due to abundant source of labour, low costs and convinient international transportation system.

Source: Vietnam apparel industry

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