Prospects for the textile and clothing industry in Vietnam, 2023

Prospects for the textile and clothing industry in Vietnam, 2023

This report looks at the development of the textile and clothing industry in Vietnam, its size and structure, and production and consumption. The report also features: a geographical, political and economic profile; a detailed look at the country's imports and exports; a review of government policies, investment incentives and foreign investments; an analysis of strengths, weaknesses, opportunities and threats (SWOT); and an overview of the country's infrastructure and human resources and how these affect the textile and clothing industry. Vietnam's textile and clothing exports have risen sharply in recent years. Indeed, between 2016 and 2022 they increased by 58% and in 2019 the country became the world's second largest exporter of textiles and clothing. The textile and clothing industry is Vietnam's principal source of foreign exchange earnings, and represents the country's predominant manufacturing activity. Consequently, the Vietnamese government places a high priority on the textile and clothing industry by providing strong support and measures to encourage investment. Looking ahead, the government is keen to build on the success of the industry, and has established a number of ambitious targets as it pursues an economic policy aimed at endowing Vietnam with upper middle income nation status by 2030 and developed nation status by 2050. For its part, the industry plans to shift the emphasis of export production from mostly commodity type products towards the manufacture of high added-value fashion items.