Vietnam will continue to use the textile industry as the main exporter

According to the Vietnam Textile Association (Vitas), in 1990, Vietnam’s textile exports amounted to US$1 billion. Up to now, the average annual growth in exports of this product has remained at double digits. In 2013, Vietnam’s textile exports amounted to 23 billion U.S. dollars, accounting for 15% of the total value of Vietnam’s GDP, and solved 3 million jobs for Vietnam. The textile industry has become the traditional pillar industry in Vietnam.

China was once called the “world factory” and is the main source of textiles and footwear in the world. With the development of the economy, in order to reduce pollution, China's development pace in the textile and footwear industries has slowed, and it has turned to the development of industries with higher economic value. At present, the wage level of Chinese workers is 2.5 times that of Vietnam, and the cost of production in China is 35% higher than that of Vietnam. Therefore, textiles, footwear and other production have turned to Vietnam and other Southeast Asian countries. Relevant economic experts believe that Vietnam will become the world's textile production center.

The increase in Vietnam textile exports to the United States and the European Union will continue to increase. Experts said that in the coming period, Vietnam’s textile exports will account for 50% of Southeast Asia. It is estimated that by 2025, the world's textile sales will reach 702 billion U.S. dollars, of which Southeast Asia will account for 16%, which is about 110 billion U.S. dollars. Vietnamese textile exports will reach 50 billion U.S. dollars.

In the next 10-15 years, the textile industry will continue to be the main export industry of Vietnam. The textile industry still occupies an important position in the Vietnamese economy. The development of the textile industry means that Vietnam's economic development is slower than that of neighboring countries. At present, the proportion of the textile processing industry in Vietnam is 70%, and textile raw materials mainly depend on imports. This status may restrict the economic development of Vietnam.