Workers produce handbag at TBS Group in the southern province of Binh Duong. Viet Nam's exports of handbag, suitcase and umbrella are expected to exceed $2.5 billion in 2014. — Photo dna.com.vn

HA NOI (Biz Hub) — Viet Nam's handbag, suitcase and umbrella export values amounted to US$2.3 billion in the first 11 months of this year, up 34 per cent over the same period last year.

Citing the Ministry of Industry and Trade's data, Dau tu (Vietnam Investment Review) reported that the export rates of these items had reached $210 million in November alone.

The ministry attributed the strong growth to contributions from foreign direct investment companies, which accounted for 70 per cent of the overall revenues. Domestic firms mainly took part in the processing phases, it added.

The Viet Nam Leather, Footwear and Handbag Association predicted that the current growth rate could propel the export values to exceed $2.5 billion this year, which is approximately $100 million higher than the figure previously expected for 2014.

In 2013, the exports of these goods reached roughly $1.8 billion. — VNS