Along with Bangladesh, the report said, the three countries are able to expand their presence as suppliers to China and increase their market shares in North America and Europe at China’s expense.
Vietnam’s apparel exports jumped 30% last year, raising its global share to 8.7%, up from 6.8% in 2018.
While Cambodia accounted for only 1.4% of the market in 2019, its apparel manufacturing sector has grown at a compound annual growth rate of 13% over the last decade, due in large part to relatively low labour costs and favourable investment policies, including allowing full foreign equity ownership in the textiles sector.
Being able to use Vietnamese shipping ports also helps Cambodia with the transport and import of raw materials from China.
Myanmar is also expected to continue seeing strong growth, with numerous seaports facilitating shipping at one of the cheapest rates in the region.
