According to a report recently released by research company Fitch Solutions, in the context of global supply chain shifts, the textile and apparel industries in Asian countries such as Vietnam, Cambodia and Myanmar have huge development opportunities.

Fitch Solutions believes that the above three countries and Bangladesh can increase their market share in North America and Europe at the same price as Chinese textiles and apparel. 

 

Fitch Solutions predicts that in 2019, Vietnam’s textile and apparel exports will grow by 30%, with a global market share of 8.7%. Vietnam’s textile and apparel accounted for 6.8% of the global market share in 2018.

 

In 2019, Cambodian textiles and apparel accounted for 1.4% of the global market share. In the past 10 years, the country’s textile and apparel industry has grown at an average annual growth rate of 13%, with low labor costs and good investment policies (foreign investors are allowed to establish wholly-owned enterprises in the textile and apparel sector). These advantages provide strong support for the continuous development of the country’s textile and apparel industry. In addition, Cambodia can import Chinese textile raw materials through Vietnamese ports. In addition to Cambodia, Myanmar’s textile and apparel industry will grow strongly. The country has a convenient port system and port transportation costs are among the cheapest in the region.