Vietnam Apparel Market Size at Steady CAGR to Touch USD 8.4 Billion by 2030

Published | 15 November 2024

Vietnam Apparel Market is thriving due to rising disposable income in the expanding middle class, rapid urbanization, growing fashion awareness, expanding e-commerce, strong manufacturing capabilities, favorable trade agreements, and an increasing demand for both domestic and international brands.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam Apparel Market size by value at USD 6.52 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Vietnam Apparel Market size to expand at a CAGR of 3.69% reaching a value of USD 8.4 billion by 2030. The driving factors of Vietnam Apparel Market include a growing middle class with rising disposable incomes, increasing demand for fashion-forward and branded products, and a robust manufacturing sector benefiting from competitive labor costs. Additionally, the expanding retail network, growth in e-commerce platforms, and a youthful, fashion-conscious population further stimulate demand. Vietnam's participation in trade agreements, such as the CPTPP and EU-Vietnam FTA, also supports the export-driven growth of the apparel market.

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Opportunity – Sustainable E-commerce

Vietnam Apparel Market is witnessing significant growth driven by the rising popularity of sustainable e-commerce platforms. Consumers are increasingly seeking eco-friendly, ethically produced clothing, which has spurred online retailers to offer sustainable fashion options. With growing environmental awareness and a shift toward digital shopping, e-commerce platforms focusing on sustainability are gaining traction, attracting eco-conscious buyers and expanding the reach of sustainable apparel in both domestic and international markets.

Impact of Escalating Geopolitical Tensions on Vietnam Apparel Market

Escalating geopolitical tensions could disrupt the growth of Vietnam Apparel Market by causing supply chain uncertainties, increasing raw material costs, and limiting access to international markets. Trade restrictions or tariffs may reduce exports, while foreign investment might decline due to increased political risks. Additionally, consumer sentiment could be negatively impacted by economic instability, leading to reduced demand. Companies may seek alternative sourcing or production strategies to mitigate risks, potentially affecting profitability and market growth.

T-shirt Segment Leads Vietnam Apparel Market by Children’s Apparel

The T-shirts segment is the largest segment of Vietnam Apparel Market by children's apparel, fueled by the strong demand for practical, comfortable, and budget-friendly choices that attract parents from different income brackets. T-shirts have become a wardrobe essential for children, due to their versatility for both casual and semi-formal settings. The increasing urbanization and higher disposable incomes have boosted their popularity, further enhanced by the impact of Western fashion trends, which appeal to the younger population in Vietnam.

Competitive Landscape

Vietnam Apparel Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Pou Chen Group, Vietnam National Textile and Garment Group (Vinatex), Bata, Garment 10 Corporation, TNG Investment and Trading JSC, Saigon Garment Corporation (SGC), Thong Cao Textile and Garment JSC, Phong Phu Corporation, Nha Be Garment Corporation, Vietnam Textile and Apparel Corporation (VITAS), and Adidas. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam Apparel Market.

Don’t miss the business opportunity Vietnam Apparel Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Apparel Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Apparel Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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