Vietnam’s textile and garment industry is showing signs of recovery after a challenging year marked by weak demand in key export markets. Orders from major markets like the United States and Europe are returning, indicating a positive turnaround. However, is this recovery strong enough for textile and garment businesses to confidently expand their operations? In addition to the recovery in export markets, the ongoing political crisis in Bangladesh—Vietnam’s main competitor—could present a significant opportunity for Vietnam’s textile and garment industry to take some of the orders diverted away from Bangladesh. This situation may prompt Vietnam to reform its policies and processes to attract more investment and orders. A strong business rebound in Q2 In Q2 2024, Vietnam’s textile and garment industry experienced a positive recovery, with total export revenue in the first seven months of the year expanding by 7.8% against the same period last year. This improvement is largely due to the return of orders from major markets, particularly the United States and Europe. Orders from the United States increased by 8.2% and 7.9% from Europe, indicating a recovery in consumer spending in these key markets. The resurgence has enabled Vietnamese textile and garment companies, especially those with long-term […]
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