According to the data published by the Vietnam Textile and Apparel Association (VITAS), an inflation of 21.2 percent was recorded in the in the first five months of 2021 in the export revenue of the garment and textile sector. fibre and yarn exports during January-May soared by 60.1 percent year-on-year to 2.1 billion USD, while that of fabrics also increased 26.4 percent to 947 million USD.
A 33.4 percent of raise was observed in the year 2020. However, in that period, Vietnam spent a budget of 10.2 billion USD to import goods for the garment and textile industry. This credit for the increment is due to a number of factors such as the opportunities that the free trade agreements (FTAs) brought with itself, the positive attention that the Vietnam market has been receiving from the buyers as well as the local businesses.
One of the constant import markets for Vietnam’s garment and textile products is the United States. The value from the imports is around 6.02 billion USD, Japan was the second largest customer with 1.31 billion USD (down 6.3 percent), followed by the European Union with 1.21 billion USD (up 14.7 percent) and the Republic of Korea at 1.07 billion USD (up 4.2 percent).
