Vietnam, Cambodia and Myanmar are among the Asian countries that will have many opportunities to promote high growth in the field of garment manufacturing development while shifting the global supply chain.
Fitch Solutions believes that the three countries, together with Bangladesh, are able to expand their presence as suppliers to China, and increase their market share in North America and Europe by the same level. cost of china.
Fitch Solutions estimates that for Vietnam alone, in 2019, garment exports will increase by 30% and Vietnam’s global apparel export market share will increase by 8.7%, compared to in 2018 is 6,8%.
Cambodia accounted for only 1.4% of the global apparel export market in 2019. The country’s apparel manufacturing industry has grown at an annual rate of about 13% over the past decade, with labor costs comparable. low investment and favorable investment policies (allowing full ownership of foreign capital in the field of textile and apparel). Those factors are expected to continue to support the growth of the textile sector.
In addition, being able to use Vietnamese shipping ports also helps Cambodia transport and import raw materials from China.
In addition to Cambodia, Myanmar’s textile and apparel industry is also expected to continue to grow strongly thanks to many convenient ports for cargo transportation along with the cheapest seaport in the region.
Source: Ministry of Industry and Trade of Vietnam
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