Vietnam scored higher overall than China and Bangladesh in the United States Fashion Industry Association (USFIA)’s recent survey

Vietnam has scored higher overall than China and Bangladesh in the United States Fashion Industry Association (USFIA)’s recent survey comparing the competitive advantages of textile-exporting countries to the US, according to a report released by the Vietnam News Agency on July 17.

The survey shows that Vietnam is having better competitive edge thanks to its ability to produce a diverse range of high-value products.

Vietnam is currently leading in the capability to produce a wide variety of products quickly, which is a result of its investments in machinery and skilled labor. However, in the long term, other countries may catch up, potentially reducing this advantage.

A representative from the Vietnam National Textile and Garment Group was quoted by the news agency as noting that Bangladesh has been one of Vietnam's main competitors in garment-textile exports. In 2020, Bangladesh was the world's third-largest textile exporter, following Vietnam and China, with an export value of $29.8 billion. However, the nation has risen to the second position globally since 2022, with its export value reaching $49 billion. In 2023, Bangladesh reported a textile export turnover of $50.3 billion, up nearly 70% compared to 2020.

Meanwhile, Vietnam's exports in the sector increased from $35.3 billion in 2020 to $44.6 billion in 2022, but fell by over 10% in 2023 to $39.6 billion. The world's leading textile exporter, China, saw only a 3.7% increase in 2023 compared to 2020.