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List of 50 textile and garment companies in Vietnam by export turnover

List of 50 textile and garment companies in Vietnam by export turnover

Monday 13, 09 2021
The list of 50 textile and garment companies in Vietnam is made by VietnamCredit based on export turnover data for the first 6 months of 2021 provided by the General Department of Customs.

Vietnam’s exports of textile and garment

According to statistics of the General Department of Customs, Vietnam's textile and garment exports in July 2021 reached 3.08 billion USD, up 1.7% compared to June 2021 and up 2.5% compared to the same period last year. For the first 7 months of 2021, Vietnam's textile and garment exports reached 18.226 billion USD, up 13.9% over the same period in 2020

Export turnover

In the first 7 months of 2021, Vietnam mainly exported textiles and garments to the US market, accounting for 50.5% of total export turnover. Following are countries participating in the CPTPP, accounting for 15.6%, and EU, accounting for 10.2%.

Exports of textile and garment are showing many positive prospects which are shown in the export turnover (which increased by 13.9% in the first 7 months of). This is the result of the economic recovery in the main export markets of Vietnam, causing the demand for textiles and garments to increase after a period of pent-up due to the Covid-19 pandemic. In addition, the positive effects from the free trade agreements that Vietnam has signed have also boosted Vietnam's textile and garment exports.

It is believed that Vietnam's textile and garment exports will experience an increase in the last months of 2021 when the economies of major countries continue to recover.

Vietnam becomes the world's second largest exporter of ready-made garments

Vietnam has surpassed Bangladesh in the global apparel market and has become the world's second largest exporter of ready-made garments (RMG).

Bangladesh is currently in the third place while China comes out top. According to the Assessment of World Trade Statistics 2021 of the World Trade Organization's (WTO), Bangladesh's share in the global apparel market dropped to 6.3% in 2020 from 6.8% in the previous year.

Bangladesh's

In 2020, Bangladesh's market value was 28 billion USD. Meanwhile, Vietnam's share of global RMG exports stood at 6.4% in 2020, up from 6.2% in 2019. Vietnam's market value was 29 billion USD by the end of 2020. Previously, in 2010, Vietnam's share in the global export market was 2.9% while that of Bangladesh 4.2%.

Garment manufacturers and economists say that Bangladesh has lost its position to Vietnam amid the latest downward trend in garment exports, which was further reduced by the pandemic. Moreover, Bangladesh's ready-made garment exports have decreased significantly due to the closure of several small factories in the past few years as they failed to maintain the strict compliance set forth by international retailers and brands. In addition, Vietnam can offer wider range of goods with more competitive prices than Bangladesh. As a result, Vietnam has taken Bangladesh's position as the world's second largest apparel supplier by focusing on product diversification.

The free trade agreement between Vietnam and the EU (EVFTA) has allowed Vietnam to enjoy tax benefits for this world's largest trading bloc. Since this FTA came into effect, Bangladesh has faced a challenge from Vietnam as both countries produce the same types of products. Moreover, that Vietnam has received a lot of investment from China, which is a big advantage, has also been playing an important role in the increase of Vietnam's exports.

List of 50 textile and garment companies in Vietnam by export turnover

List 50 Textile

Source: Ministry of Industry and Trade

Compiled by VietnamCredit

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