Vietnam’s apparel industry expected to grow by 11.2% in 2021

Vietnam Textile & Apparel Association (VITAS) reported that Vietnam’s apparel sector is predicted to grow by 11.2 percent annually this year with export earnings of $39 billion.

And in between $38-$43.5 billion next year liable on how rapidly the COVID-19 pandemic is restrained. VITAS said it will also continue to act as a connection between garment companies and the government and state management agencies during the period.

VITAS reported that Vietnam’s apparel sector is predicted to grow by 11.2 percent annually this year with export earnings of $39 billion.

Speaking at a press conference in Hanoi, VITAS Vice Chairman and Secretary-General Truong Van Cam said, “VITAS has built three scenarios for apparel export growth next year. In the first scenario, if the pandemic is basically under control in the first quarter next year, export earnings will hit $42.5-43.5 billion.”

“In the second scenario, if the pandemic is curbed in mid-2022, the revenue of $40-41 billion is expected, and in the third scenario, if the pandemic lasts till late 2022, exports will fetch $38-39 billion,” Van Cam added.

He said the sector saw positive signals with the reopening of major markets such as the US and the European Union. In particular, Vietnam has switched from a zero COVID-19 approach to safe and flexible adaption to and effective control of the pandemic in combination with economic development in line with the Government’s Resolution No.128/NQ-CP.