Economic and political reforms under Đổi Mới, launched in 1986, have spurred rapid economic growth, transforming what was then one of the world’s poorest nations into a lower middle-income country. Between 2002 and 2018, more than 45 million people were lifted out of poverty. Poverty rates declined sharply from over 70% to below 6% (US$3.2/day PPP), and GDP per capita increased by 2.5 times, standing over US$2,500 in 2018.
Its population reached 97 million in 2018 (up from about 60 million in 1986) and is expected to expand to 120 million before moderating around 2050. Today, 70% of the population is under 35 years of age, with a life expectancy of 76 years, the highest among countries in the region at similar income levels.
Currently, Vietnam joins 16 Free Trade Agreements, in which there are two new generation FTAs such as CPTPP, VN-EU FTA with higher commitments on labor and environment. Joining these FTAs provides a great opportunity to attract new investors, According to statistics, by October 2019, there were about 19 billion USD investment in Vietnam textile and garment.
Besides opportunities, there are also challenges at the rules of origin such as “yarn forward” in CPTPP or “Fabric forward” in Vietnam- EU FTA; if the firms would want to get benefit from reducing export taxes within FTA countries.
Nowadays, facing the trend of integration and sustainable development, Vietnam towards at greening Vietnam's textile & garment industry and building up a sustainable textile and apparel brand.
For more information on Vienam, please refer to http://data.un.org/en/iso/vn.html