The export revenue of the leather, footwear and handbag sector is predicted to hit $26-27 billion in 2024 on the back of the positive results seen so far.
Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.
Thanks to the preferential tariffs under the EU-Vietnam Free Trade Agreement, footwear exports to the bloc’s 27 member countries increased by 19.2 per cent year-on-year in the first quarter of 2021.
Demand for footwear products in the US saw declines in January-May and the downward trend was forecast to continue for the remaining months of this year.
The European Commission has submitted a free trade agreement with Viet Nam for approval, the first comprehensive open market deal between the EU and a developing Asian country.
Leather and footwear exports in the first eight months topped US$9.64 billion, a year-on-year increase of 12.2 per cent, according to the Ministry of Industry and Trade.
Viet Nam is targeting to earn between US$24 billion to $26 billion from leather and footwear exports by 2020 under a revised plan for leather and footwear industry development until 2025 with a vision to 2035.
Vietnamese footwear exports rose 21.2 per cent against the same period
last year to more than US$5.85 billion for the first six months of the
year, the General Department of Customs reported.
The southern province of Dong Nai has set a target of earning $2.5
billion from footwear exports in 2015, according to the provincial
Department of Industry and Trade.
Vietnamese footwear exports will enjoy zero tariff once the ASEAN
Economic Community (AEC) is established in late 2015, allowing producers
to expand their markets and access new materials.
The southern province of Dong Nai has earned more than US$1.1 billion
from footwear exports in the first seven months of this year, up 12.8
per cent year-on-year.
Footwear exports fetched US$3.76 billion in the first five months of
this year, up 17.8 per cent year-on-year, according to the Ministry of
Industry and Trade.