Ministry Of Commerce: Vietnam Textile Group Claims China'S Largest Textile And Garment Consumer Market

Vietnam's "Vietnam express" reported on June 10: VINATEX pointed out in the document of the 2021 shareholders' meeting just released that China will become a huge consumer market of Vietnamese textiles when its exports to Japan or the European Union are facing challenges, because according to the 14th five-year strategy of China's textile industry, China will become a huge consumer market for Vietnamese textiles, China will not vigorously develop textile and clothing production.

According to the report, the first quarter data showed that Vietnam's textile and garment exports to China had the highest growth among the five major markets, equivalent to Vietnam's exports to the European Union. Due to the current global trend of new crown pneumonia is difficult to predict, the traditional export market of Vietnam's textile and clothing is "still unstable", Europe is facing the risk of another epidemic, and Japan's economy has not yet recovered. Vietnam's textile and garment exports to these two markets will not increase in 2021. Exports to the United States are relatively optimistic, as the country is speeding up vaccination and the Biden administration's nearly $2 trillion stimulus plan to revive the world's largest economy. According to McKinsey's forecast, the global textile and clothing industry will not recover to the level of 2019 until the third quarter of 2022 at the earliest, and the fourth quarter of 2023 if it is slow. In this case, China is expected to become a large market for Vietnam's textiles and clothing.