As global buyer cut back on sourcing from China owing to its rising costs, Vietnam is becoming the next favorite sourcing hub. Compared to its competitors that are plagued with political and civil unrest, Vietnam is attracting buyers.
In 2013, US textile and clothing imports from Vietnam grew in value by 14.6 per cent, the fastest growth rate among imports from the 10 largest US suppliers. Imports continued to increase by 15.5 per cent in the first four months of 2014 as well in comparison to the same period in previous year. In addition, negotiations are aimed at establishing a Trans-Pacific Partnership (TPP) free trade agreement, which would provide tariff benefits and flexible rules of origin for Vietnamese imports into the US. Vietnam’s growth has been slower in the Europe import market though.
