Vietnam's fashion market to surge this year: report

Source: Xinhua| 2017-11-17 13:19:34|Editor: ZD
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HANOI, Nov. 17 (Xinhua) -- Vietnam's clothes and footwear market is estimated to hit 358 million U.S. dollars in 2017, and 988 million U.S. dollars in 2022, local media on Friday quoted surveys by foreign firms as reporting.

According to German firm Statistics Portal, Vietnam's fashion revenue will annually grow 22.5 percent in the 2017-2022 period, and its clothes sales will surge to 245 million U.S. dollars this year, online newspaper VnExpress reported.

In Vietnam, local people's spending on clothes is the third biggest, only after food and savings, global marketing research firm Nielsen said.

Vietnamese people like branded products at the third highest level in the world, after China and India, according to Nielson.

Incomplete statistics from the Association of Vietnam Retailers show that over 200 foreign fashion brands are now available in Vietnam, holding a market share of over 60 percent.

In the first 10 months of this year, Vietnam gained 21.5 billion U.S. dollars from exporting garments and textiles, up 9.5 percent against the same period last year, while reaping 11.7 billion U.S. dollars from exporting footwear, up 11.9 percent, said the country's General Statistics Office.