China continues to be Vietnam’s largest export market for textiles and clothing
According to Vietnam’s “Vietnam News” on December 14, according to statistics from the Vietnam Textile and Apparel Association, Vietnam’s clothing and textile exports in 2016 are expected to be 28.5 billion US dollars, completing 92% of the annual target. China is still Vietnam’s It is the largest export market for clothing and textiles, with exports to China accounting for more than 50% of the industry’s total exports.
In addition, Vietnam’s textile exports to the United States increased by 4%, with an estimated export value of US$11.4 billion. The European Union, Japan, India, Brazil, Russia, and Canada are important export markets for Vietnam’s textiles. The association believes that weakened global market demand and intensified competition from foreign garment manufacturers reduced the number of orders in 2016, resulting in less export revenue for Vietnamese textiles in 2016. Some domestic textile companies in Vietnam encountered customers’ price reduction requirements of 18-30%. The association believes that global demand will remain weak next year, and competition between Vietnam’s textiles and major textile exporters such as China, India, Bangladesh, and Pakistan will become more intense. Brexit and U.S. President-elect Trump’s opposition to the TPP will also have a negative impact on Vietnam’s textile exports to the European and American markets. Vietnam’s textile export situation in 2017 is not optimistic, and the industry is expected to grow by 5-7% next year. China continues to be Vietnam’s largest export market for textiles and clothing
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