Vietnam Becomes The Second Largest Country of Exporting Textiles and Clothing

According to the trade data 2021 from WTO, Vietnam surpassed Bangladesh and became the second largest country in the world of exporting textiles and clothing.

The total amount of exportation of textiles and clothing of Vietnam reached USD $29 billion in 2020, which increased by 6.4% compared with the year before. Over the past 10 years, the exportation of textiles of Vietnam kept growing. While the proportion of exporting textiles and clothing in Bangladesh decreased from 6.8% to 6.3% in 2020. This means that Vietnam replaced Bangladesh's position in textile and clothing exportation. (Vietnam News Agency)

Affected by the pandemic, many orderes from western countries were cancelled or delayed. Therefore, many factories in Bangladesh went bankrupt or closed. The production capacity decreased a lot.

In contrast, Vietnam signed free trade agreement with European Union in 2019. This helped Vietnam in exportation. And its currency isn't affected much by USD. And the political and social environment in Vietnam is more stable in Vietnam. Vietnameses enjoy better education and medical care. Besides, Vietnam is closer to China in geography, which makes it convenient in looking for raw materials and machines.