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Apparel Export Growth Comparison (15 Years)
A comparison of export growth in USD billions for Vietnam and Sri Lanka over the last 15 years.
Primary Sources
How Vietnam turned FTAs into apparel growth, and what Sri Lanka can learn
In the past fifteen years, Vietnam has become a prime example of how trade policy can drive industrial growth, particularly in the apparel sector. This transformation is the result of a strategic focus on Free Trade Agreements (FTAs), export-oriented manufacturing, and integration into global value chains. Sri Lanka can draw valuable insights from Vietnam's experience, adapting them to its unique context.Vietnam’s progress becomes even clearer when viewed against Sri Lanka’s current trade profile. Over the past several decades, Vietnam has used trade policy as a deliberate growth tool, implementing 19 bilateral and multilateral FTAs that cover around 60 economies. This has helped deepen its trade openness from 19% of GDP in 1988 to 184% in 2022. Trade openness measures the value of a country’s international trade as a share of GDP, and a higher ratio generally reflects stronger integration with global markets. By comparison, Sri Lanka’s trade openness is estimated at around 50% to 55%, indicating that international trade plays a smaller role in the economy and reflecting the country’s more inward-looking growth pattern.Vietnam’s FTA network includes major agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP), and bilateral agreements with markets such as the UK, Israel, and the UAE. Collectively, these agreements give Vietnam access to key markets including the EU, UK, Japan, Canada, Australia, China, South Korea, and ASEAN countries, covering a major share of global GDP. This wide market access has strengthened Vietnam’s position as a reliable global sourcing hub. As a result, Vietnam’s apparel exports are projected to reach USD 46 billion by 2025, supported by a trade surplus of USD 21 billion. Its growth has also been reinforced by the “China+1” strategy, as global brands continue to diversify sourcing beyond China.In the past 15 years, Vietnam’s apparel exports have grown from $13bn to $45bn an increase of 250%. By contrast, Sri Lanka’s apparel exports have grown just 58% from $3.4 to $5.4bn.In order to successfully negotiate and implement these numerous trade agreements, Vietnam’s negotiation architecture is highly centralized, technically strong, and politically empowered.The dedicated chief negotiator sits at deputy-minister level, ensuring authority across ministries.For major bilateral negotiations (e....
How Vietnam turned FTAs into apparel growth, and what Sri Lanka can ...
In the past fifteen years, Vietnam has become a prime example of how trade policy can drive industrial growth, particularly in the apparel sector. This transformation is the result of a strategic focus on Free Trade Agreements (FTAs), export-oriented manufacturing, and integration into global value chains. Sri Lanka can draw valuable insights from Vietnam's experience, adapting them to its unique context.Vietnam’s progress becomes even clearer when viewed against Sri Lanka’s current trade profile. Over the past several decades, Vietnam has used trade policy as a deliberate growth tool, implementing 19 bilateral and multilateral FTAs that cover around 60 economies. This has helped deepen its trade openness from 19% of GDP in 1988 to 184% in 2022. Trade openness measures the value of a country’s international trade as a share of GDP, and a higher ratio generally reflects stronger integration with global markets. By comparison, Sri Lanka’s trade openness is estimated at around 50% to 55%, indicating that international trade plays a smaller role in the economy and reflecting the country’s more inward-looking growth pattern.Vietnam’s FTA network includes major agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP), and bilateral agreements with markets such as the UK, Israel, and the UAE. Collectively, these agreements give Vietnam access to key markets including the EU, UK, Japan, Canada, Australia, China, South Korea, and ASEAN countries, covering a major share of global GDP. This wide market access has strengthened Vietnam’s position as a reliable global sourcing hub. As a result, Vietnam’s apparel exports are projected to reach USD 46 billion by 2025, supported by a trade surplus of USD 21 billion. Its growth has also been reinforced by the “China+1” strategy, as global brands continue to diversify sourcing beyond China.In the past 15 years, Vietnam’s apparel exports have grown from $13bn to $45bn an increase of 250%. By contrast, Sri Lanka’s apparel exports have grown just 58% from $3.4 to $5.4bn.In order to successfully negotiate and implement these numerous trade agreements, Vietnam’s negotiation architecture is highly centralized, technically strong, and politically empowered.The dedicated chief negotiator sits at deputy minister level, ensuring authority across ministries.For major bilateral negotiations (e...
Vietnam's Success with FTAs Boosts Apparel Sector: Insights for Sri ...
The contrast between Vietnam's advancements and Sri Lanka's current trade dynamics is striking. Vietnam has strategically utilized trade policy to fuel its growth, establishing 19 bilateral and multilateral FTAs that encompass approximately 60 countries. This initiative has led to a significant increase in its trade openness, rising from 19% of GDP in 1988 to 184% in 2022. Trade openness ...
Sri Lanka-Vietnam Relations: A Strategic Alignment in the Indian Ocean
The Vietnam-Sri Lanka partnership presents a fascinating case study in contemporary geopolitical realignment. The strategic alignment reflects broader trends in the Indian Ocean, highlighting the shifting balance of power and the need for nations to diversify their partnerships.
