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Vietnam is one of the largest textile industries in the world. Especially in recent years, Vietnam’s economic development has been getting better and better, and it has maintained an economic growth of more than 6%, which is inseparable from the contribution of Vietnam’s textile industry. With a population of more than 92 million, Vietnam has a thriving textile industry. Manufacturers in almost all fields of clothing business are operating in Vietnam, and their capabilities are second only to China and Bangladesh. In particular, Vietnam’s annual textile exports are as high as 40 billion US dollars. about.

Wu Dejiang, chairman of the Vietnam Textile and Apparel Association, once said that the competitiveness of Vietnam’s textile industry is strong. The reason is that the technical quality of workers is improving, production efficiency is improving, product quality is getting better and better, and the most important thing is that the company and its partners have a very good reputation. Therefore, Vietnamese textile enterprises have won large orders from most importers. According to statistics from the Vietnam Ministry of Industry and Commerce, Vietnam’s textile exports in the first four months of 2021 reached US$9.7 billion, an increase of 10.7% over the same period in 2020. The main reason is that Vietnamese textiles take advantage of the conditions of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the market economy of the United States, the main importer of Vietnamese textiles, is recovering.
Vietnam-UK Free Trade Agreement will come into effect on May 1, 2021. After the agreement takes effect, the import tax on Vietnamese textiles will be reduced to zero from the previous 12%. Undoubtedly, this will bring Vietnamese textiles to the UK to a great extent.
It is worth mentioning that due to the uninterrupted production of Vietnamese apparel and textiles, the market share of Vietnam’s apparel and textile industry in the United States will continue to grow in 2020, and it has ranked first in terms of market share for many consecutive months and reached the market for the first time. 20% share.
In fact, it is still too early for Vietnam to take the title of “world’s factory”. Because China has the following advantages: First, to upgrade the industry and maintain the competitive advantage of the manufacturing industry. China is no longer obsessed with low-end manufacturing, but is moving towards mid-to-high-end manufacturing, and even applies 5G and AI technology to manufacturing to realize “intelligent manufacturing in China”. The second is to strengthen the reform and opening up efforts. Relying on the huge population, the potential of the Chinese market is difficult to compare with any other country, and global investors will not give up the big market of China. The third is to strengthen international cooperation. China is the only positive growth country in 2020.