Bangladesh is now in third position, with China remaining the largest exporter accounting for 31.6% of the market share despite a seven percent decrease in 2020, valuing its exports at USD 142 billion, said the report.

Vietnam’s clothing exports increased by 6.4 percent in 2020 with a market value of USD 29 billion. Over the past decade, Vietnam’s share in the global apparel export market surged, while Bangladesh’s export growth dropped from 6.8 percent to 6.3 percent in 2020.

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(Photo for illustration)

Bangladesh output declined during the pandemic, with factories closed as many western brands cancelled orders or delaying payments. Ongoing compliance issues have also forced closures while Vietnam managed to diversify its production making not just low-end, fast fashion garments but also mid and high-end clothing and accessories.

In 2019, Vietnam and the European Union signed a free trade agreement which significantly boosted trading to the world’s largest bloc. Meanwhile, Vietnam is politically stable, and its citizens have access to better education and healthcare.

Source: VNA

Translated by Chung Anh