Vietnam’s garment manufacturing sector had remarkable growth in October, demonstrating endurance in a cutthroat international market and providing a major boost to the country’s economy. Indicating consistent sector growth, recent statistics from the industrial production index showed a 2% month-over-month increase in clothing output as compared to September.
Even more remarkable were the year-over-year statistics, which showed an incredible 18.1% increase in October 2024 over the same month the previous year. A strong 10.3 percent gain over the same period in 2023 was also demonstrated by cumulative data from January to October.
This expansion reaffirms Vietnam’s position as a key participant in the global apparel manufacturing market, propelled by robust global demand and its vast production capacity. According to reports, the industry has benefited from improved trade circumstances and a rise in foreign orders, giving it a competitive edge.
However, Bangladesh, a neighbouring country that has long been recognised as one of the biggest producers of clothing worldwide, poses a serious threat to the Vietnamese apparel industry. Because of its established supply chain and cheaper labour costs, Bangladesh’s apparel industry is nevertheless competitive and frequently appeals to buyers from other countries. Vietnam’s ability to innovate and deal with issues including growing production costs and supply chain dependence may be crucial to its future success as both nations compete for market dominance.
