The Vietnam Textile & Apparel Association (VITAS) estimates that this year’s exports of textiles and apparel from Vietnam are likely to be at US$28.5 billion, which is 92% compared to initial plans of US$31 billion due to market stagnation.
China remains the largest market, accounting for more than half of the export value. Exports to the U.S. are estimated to grow by 4% over 2015 to US$11.4 billion.
According to VITAS, the factors for stagnant exports this year are a decline in worldwide demand and intensifying competition among textile and apparel manufacturing countries, such as China, India, Bangladesh and Pakistan.
The Vietnamese textile and apparel industry is expected to struggle hard in 2017 as well.