In recent years, Vietnam has become one of the world's major exporters of textiles and clothing. In 2024, Vietnam's textile and clothing exports reached approximately US$44 billion, an increase of 11.3% year-on-year. As an important part of Vietnam's textile exports, knitted underwear has continued to grow in recent years. According to CRI analysis, with low-cost labor, mature production technology, and strong export capabilities to the international market, Vietnam has become one of the world's major underwear production and export bases. Vietnam's knitted underwear exports are also on the rise overall.
Vietnam has become the first choice for many foreign direct investment (FDI) companies due to its unique geographical location, abundant labor resources and competitive labor costs. With the continuous development of Vietnam's economy, Vietnam's knitted underwear industry is also growing. According to CRI analysis, the Vietnamese government is also actively promoting the development of the textile and garment industry and increasing investment support for the textile and garment industry. As a result, the production capacity, output and export volume of knitted underwear in Vietnam are constantly increasing.
According to CRI data, the total export value of Vietnam's knitted underwear reached US$1.337 billion in 2023, and the export value of Vietnam's knitted underwear from January to November 2024 was close to US$1.314 billion, an increase of 7.38% over the same period.
According to CRI analysis, the main export destinations of Vietnamese knitted underwear include the United States, Hong Kong and South Korea. From 2021 to 2024, the main export destinations of Vietnamese knitted underwear are the United States, Hong Kong, China and South Korea. The main companies importing knitted underwear to Vietnam include HANESBRANDS APPAREL (HONG KONG), MAKALOT INDUSTRIAL CO LTD, REGINA MIRACLE INTERNATIONAL and other companies.
According to CRI analysis, most of the exporters of knitted underwear in Vietnam are foreign-funded enterprises, and there are also some local Vietnamese companies. The main exporters of knitted underwear in Vietnam include HANESBRANDS VIỆT NAM, CÔNG TY TNHH PREMIUM FASHION VIỆT NAM, NOW VINA CO LTD and other companies.
Overall, Vietnam has become one of the world's major textile producers and exporters with its low labor costs and favorable trade environment and policies. As an important part of Vietnam's textile and garment industry, knitted underwear occupies a very important position in the international export market. CRI predicts that with the advancement of production technology, the use of environmentally friendly materials and cooperation with international brands, Vietnam's knitted underwear exports are expected to continue to rise in the next few years.
CRI recommends that companies related to the clothing industry chain should conduct research on the Vietnamese market as soon as possible to prepare for a better layout in the Vietnamese and Southeast Asian markets.
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