Vietnam has scored higher overall than China and Bangladesh in the United States Fashion Industry Association (USFIA)’s recent survey comparing the competitive advantages of textile-exporting countries to the US, according to a report released by the Vietnam News Agency on July 17.

The survey shows that Vietnam is having better competitive edge thanks to its ability to produce a diverse range of high-value products.

Vietnam is currently leading in the capability to produce a wide variety of products quickly, which is a result of its investments in machinery and skilled labor. However, in the long term, other countries may catch up, potentially reducing this advantage.

A representative from the Vietnam National Textile and Garment Group was quoted by the news agency as noting that Bangladesh has been one of Vietnam's main competitors in garment-textile exports. In 2020, Bangladesh was the world's third-largest textile exporter, following Vietnam and China, with an export value of $29.8 billion. However, the nation has risen to the second position globally since 2022, with its export value reaching $49 billion. In 2023, Bangladesh reported a textile export turnover of $50.3 billion, up nearly 70% compared to 2020.

Meanwhile, Vietnam's exports in the sector increased from $35.3 billion in 2020 to $44.6 billion in 2022, but fell by over 10% in 2023 to $39.6 billion. The world's leading textile exporter, China, saw only a 3.7% increase in 2023 compared to 2020.