Report Overview

Vietnam Apparel Market – Industry Trends & Forecast Report, 2030

Vietnam Apparel Market size by value was estimated at USD 6.52 billion in 2023. During the forecast period between 2024 and 2030, Vietnam Apparel Market size is expected to expand at a CAGR of 3.69% reaching a value of USD 8.4 billion by 2030. Vietnam Apparel Market is driven by several key factors. The country's economic growth and low labor costs make it an attractive location for manufacturing. Strategic trade agreements enhance export potential, while the rise of e-commerce provides new sales channels. Additionally, increasing consumer demand for sustainable fashion and the expansion of the domestic market, fueled by rising disposable incomes and urbanization, further support market growth.

Apparel – Overview

Apparel refers to clothing items worn by individuals, including garments such as shirts, trousers, dresses, skirts, jackets, and accessories. It caters to various needs and preferences across different demographics, encompassing casual wear, formal wear, sportswear, and more. The apparel industry spans design, manufacturing, and retail, driven by trends, cultural influences, and technological advancements. It includes segments for men, women, and children, and offers both mass-market and premium options to meet diverse consumer demands.

Vietnam Apparel Market

Growth Drivers

Low Labor Costs

Vietnam low labor costs are a significant growth driver for its apparel market. With garment workers earning about USD 300 per month, significantly lower than in China, the European Union, or the United States, Vietnam offers cost efficiencies without compromising quality. This affordability attracts global brands to set up production facilities in Vietnam, boosting the country's apparel exports and supporting market growth.

Challenges

Supply Chain Complexities

Vietnam Apparel Market faces significant challenges due to supply chain complexities. Managing a global supply chain involves navigating various regulations, logistical hurdles, and potential disruptions. These complexities can lead to delays, increased costs, and difficulties in maintaining consistent quality and timely delivery. Companies must invest in robust supply chain management strategies to mitigate these challenges and ensure smooth operations.

Impact of Escalating Geopolitical Tensions on Vietnam Apparel Market

Inteisfying geopolitical tensions among countries and further spreading across the major regions could adversely affect Vietnam Apparel Market. Economic, political, and trade tensions could disrupt global supply chains, leading to shortages of raw materials and components essential for manufacturing apparel. Increased costs of imported fabrics and materials can raise production expenses, making apparel more expensive for consumers. Additionally, political instability can deter foreign investments and affect consumer confidence, resulting in reduced spending on fashion. Trade restrictions and sanctions can further complicate the import of advanced technologies and materials, hindering market growth.

Vietnam Apparel Market

Segmental Coverage

Vietnam Apparel Market – By Women’s Apparel

By women’s apparel, Vietnam Apparel Market is divided into Coats & Jackets, Blazers, Suits & Ensembles, Dresses & Skirts, Trousers, Shirts & Blouses, Jerseys, Sweatshirts & Pullovers, Sports & Swimwear, Night & Underwear, T-Shirts, Tights & Leggings, Clothing Accessories, and other segments. The dresses & skirts segment dominates the market, driven by high consumer demand for versatile, fashionable items suited to various occasions and styles. The popularity of sports & swimwear is also growing, reflecting the rising trend in active lifestyles among Vietnamese consumers. Additionally, Shirts & blouses maintain a significant market share, catering to both formal and casual wear needs, making it another key segment in Vietnam’s vibrant women's apparel market.

Vietnam Apparel Market – By Men’s Apparel

Based on men’s apparel, Vietnam Apparel Market is divided into Coats & Jackets, Blazers, Suits, Trousers, Shirts, Jerseys, Sweatshirts & Pullovers, Sports & Swimwear, Night & Underwear, T-Shirts, Socks, Clothing Accessories, and other segments. T-shirts represent the largest segment within men’s apparel in Vietnam Apparel Market. The popularity of T-shirts stems from their versatility, comfort, and suitability for Vietnam's warm climate. Demand is further fueled by the growing trend of casual wear and an increase in youth and urban populations. T-shirts are highly adaptable to different styles and occasions, making them a staple in men's wardrobes across the country, from everyday wear to branded and fashion-forward options.

Vietnam Apparel Market – By Children’s Apparel

On the basis of children’s apparel, Vietnam Apparel Market is divided into T-Shirts, Bottom Wear, Nightwear, Dresses & Skirts, Shorts, Sports & Swimwear, Single-Piece (Frocks, Dresses, and Maxis), and other segments. The T-Shirts segment is typically the largest segment within children’s apparel in Vietnam Apparel Market, driven by the high demand for versatile, comfortable, and affordable options that appeal to parents across varied income levels. T-shirts are a staple in children's wardrobes due to their adaptability across casual and semi-formal occasions. Growing urbanization and rising disposable incomes further support the popularity of T-shirts, alongside influences from Western fashion trends that resonate with younger demographics in Vietnam.

Vietnam Apparel Market – By Footwear

Based on footwear, Vietnam Apparel Market is divided into Shoes, Sandals, Sports Footwear, Formal Footwear, Casual Footwear, and other segments. The casual footwear segment holds the largest market share of Vietnam Apparel Market by footwear. Casual footwear has gained popularity due to its versatility, comfort, and fashion appeal, making it a preferred choice among consumers for everyday wear. The segment benefits from growing urbanization, lifestyle changes, and increased demand for stylish yet comfortable footwear options for both work and leisure activities in Vietnam.

Competitive Landscape

Key players in the highly competitive Vietnam Apparel 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Women’s Apparel

• • Coats & Jackets

  • Blazers

  • Suits & Ensembles

  • Dresses & Skirts

  • Trousers

  • Shirts & Blouses

  • Jerseys

  • Sweatshirts & Pullovers

  • Sports & Swimwear

  • Night & Underwear

  • T-Shirts

  • Tights & Leggings

  • Clothing Accessories

  • Others

By Men’s Apparel

• • Coats & Jackets

  • Blazers

  • Suits

  • Trousers

  • Shirts

  • Jerseys

  • Sweatshirts & Pullovers

  • Sports & Swimwear

  • Night & Underwear

  • T-Shirts

  • Socks

  • Clothing Accessories

  • Others

By Children’s Apparel

• • T-Shirts

  • Bottom Wear

  • Nightwear

  • Dresses & Skirts

  • Shorts

  • Sports & Swimwear

  • Single Piece (Frocks, Dresses, And Maxis)

  • Others

By Footwear

• • Shoes

  • Sandals

  • Sports Footwear

  • Formal Footwear

  • Casual Footwear

  • Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Apparel Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Low Labor Costs
         2. Strategic Location
         3. Trade Agreements
      2. Restraints
         1. Labor Cost Fluctuations
         2. Supply Chain Complexities
         3. Competition
      3. Opportunities
         1. Sustainable E-commerce Growth
         2. Sustainability Trends
         3. Market Expansion
      4. Challenges
         1. Fashion Trends
         2. Economic Fluctuations
         3. Regulatory Compliance
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Apparel Market: Marketing Strategies
5. Vietnam Apparel Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Women’s Apparel
         1. Coats & Jackets
         2. Blazers
         3. Suits & Ensembles
         4. Dresses & Skirts
         5. Trousers
         6. Shirts & Blouses
         7. Jerseys
         8. Sweatshirts & Pullovers
         9. Sports & Swimwear
         10. Night & Underwear
         11. T-Shirts
         12. Tights & Leggings
         13. Clothing Accessories
         14. Others
      2. By Men’s Apparel
         1. Coats & Jackets
         2. Blazers
         3. Suits
         4. Trousers
         5. Shirts
         6. Jerseys
         7. Sweatshirts & Pullovers
         8. Sports & Swimwear
         9. Night & Underwear
         10. T-Shirts
         11. Socks
         12. Clothing Accessories
         13. Others
      3. By Children’s Apparel
         1. T-Shirts
         2. Bottom Wear
         3. Nightwear
         4. Dresses & Skirts
         5. Shorts
         6. Sports & Swimwear
         7. Single- Piece (Frocks, Dresses, And Maxis)
         8. Others
      4. By Footwear
         1. Shoes
         2. Sandals
         3. Sports Footwear
         4. Formal Footwear
         5. Casual Footwear
         6. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Apparel Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operation Channel Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Vietnam Apparel Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Pou Chen Group
   2. Vietnam National Textile and Garment Group (Vinatex)
   3. Bata
   4. Garment 10 Corporation
   5. TNG Investment and Trading JSC
   6. Saigon Garment Corporation (SGC)
   7. Thong Cao Textile and Garment JSC
   8. Phong Phu Corporation
   9. Nha Be Garment Corporation
   10. Vietnam Textile and Apparel Corporation (VITAS)
   11. Adidas
   12. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1       Vietnam Apparel Market Segmentation         

Figure 2       Vietnam Apparel Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023                                               

Figure 4       Vietnam Apparel Market Size, By Value (USD Billion), 2019–2030

Figure 5       Vietnam Apparel Market Share, By Women’s Apparel, By Value (USD Billion) 2019–2030

Figure 6       Vietnam Apparel Market Share, By Men’s Apparel, By Value (USD Billion) 2019–2030

Figure 7       Vietnam Apparel Market Share, By Children’s Apparel, By Value (USD Billion) 2019–2030

Figure 8       Vietnam Apparel Market Share, By Footwear, By Value (USD Billion) 2019–2030         

List of Tables      

Table 1         Vietnam Apparel Market Size, By Value (USD Billion), 2019–2030

Table 2         Vietnam Apparel Market Share, By Women’s Apparel, By Value (USD Billion) 2019–2030

Table 3         Vietnam Apparel Market Share, By Men’s Apparel, By Value (USD Billion) 2019–2030

Table 4         Vietnam Apparel Market Share, By Children’s Apparel, By Value (USD Billion) 2019–2030

Table 5         Vietnam Apparel Market Share, By Footwear, By Value (USD Billion) 2019–2030

Table 6         Pou Chen Group Company Overview

Table 7         Pou Chen Group Financial Overview

Table 8         Vietnam National Textile and Garment Group (Vinatex) Company Overview

Table 9         Vietnam National Textile and Garment Group (Vinatex) Financial Overview

Table 10       Bata Company Overview

Table 11       Bata Financial Overview

Table 12       Garment 10 Corporation Company Overview

Table 13       Garment 10 Corporation Financial Overview

Table 14       TNG Investment and Trading JSC Company Overview

Table 15       TNG Investment and Trading JSC Financial Overview

Table 16       Saigon Garment Corporation (SGC)Company Overview

Table 17       Saigon Garment Corporation (SGC)Financial Overview

Table 18       Thong Cao Textile and Garment JSC Company Overview

Table 19       Thong Cao Textile and Garment JSC Financial Overview

Table 20       Phong Phu Corporation Company Overview

Table 21       Phong Phu Corporation Financial Overview

Table 22       Nha Be Garment Corporation Company Overview

Table 23       Nha Be Garment Corporation Financial Overview

Table 24       Vietnam Textile and Apparel Corporation (VITAS) Company Overview

Table 25       Vietnam Textile and Apparel Corporation (VITAS)Financial Overview