The value added in Vietnam's textiles and clothing sector increased significantly from 2013 to 2016, followed by a period of relative stability until 2019, with only minor fluctuations. However, the sector faced a considerable decline in 2020, largely retaining lower values through 2023. Markedly, the sector saw a gradual decrease in value added from 2020 onwards.
From a year-on-year perspective, noticeable growth periods were observed in 2013 and 2015, while 2020 marked a significant decline. The compound annual growth rate (CAGR) further highlights the sector's contraction over the five years leading up to 2023.
Looking forward, the forecast indicates a continuing decrease in value added, although at a slowing rate, with the forecasted CAGR for the next five years at -0.68%.
Future trends to watch for include:
- Potential impacts of global economic recovery post-pandemic on demand.
- Changes in trade policies affecting Vietnam's textile industry.
- Technological advancements and shifts towards sustainable practices.
