Vietnam Textile Group says China will become Vietnam's largest consumer market for textile and clothing

(Summary description)

In its 2021 document, Vietnam Textile Group (vinatex) noted that China will become a huge consumer market for Vietnamese textiles, as it will not vigorously develop textile production according to the 14th five-year strategy of China's textile industry.

The first-quarter data showed that Vietnamese textile and garment exports to China increased the most in the five major markets, equivalent to Vietnamese exports to the EU, the report said. As the current global trend of COVID-19 epidemic is difficult to predict, the traditional export market of Vietnamese textile and clothing is "still unstable", Europe is at risk of repeating the epidemic, Japan 's economy has not recovered, and Vietnam' s textile and clothing exports to these two markets will not increase in 2021. US exports are relatively optimistic, as the country is accelerating vaccination, and the Biden administration has launched nearly $ 2 trillion in stimulus plans to revive the world's largest economy. mckinsey predicted that the global textile and clothing industry was the first to recover to 2019 in 2019 in the third quarter of 2022, slow until the fourth quarter of 2023. In this case, China is expected to become a big market for textile and clothing in Vietnam.

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