Vietnam’s textile and apparel industry will now focus on sportswear and yarn, according to the Vietnam National Textile and Garment Group (Vinatex), whose General Director Le Tien Truong recently said as the demand for face masks and personal protective equipment (PPE) will shrink rapidly now, many firms are confident of altering plans and finding new markets in a changed scenario.
Sportswear has arguably been the most successful segment during the pandemic as awareness of physical exercise rose. The compounded annual growth rate for the sportswear market in the last five years was 6.5 per cent, 1.5 times the industry average, and it is expected to be worth $479 bn globally by 2025.
The Thành Cong Textile Garment Investment Trading JSC, one of the most successful businesses in 2020 that exported fabric masks and PPE, has stopped taking orders for such items this year and is focusing on traditional products like T-shirts and sportswear, demand for which would continue to increase. There are already enough orders for sportswear for the first six months of the year, according to a report. According to the Vietnam Textile and Apparel Association (VITAS), many businesses now have orders until the end of April, mainly for sportswear.
