Việt Nam’s footwear industry is utilising the United Kingdom–Vietnam Free Trade Agreement (UKVFTA) to increase exports, according to the Việt Nam Leather, Footwear and Handbag Association (Lefaso).
Explaining the increase in orders, Trương Văn Cẩm, deputy chairman of the Vietnam Textile and Apparel Association, said the increase in orders was mainly due to a shift from other countries to Việt Nam, not due to increasing market demand.
The Energy Efficiency and Sustainable Development Department and the Dutch Sustainable Trade Initiative (IDH) signed a MOU to support the sustainable development of the textile and footwear industry in Việt Nam.
The establishment of a centre for raw materials to support the textile, leather and footwear industries will help meet new demands from importing countries, focusing on sustainability in production and social responsibility.
The Ministry of Trade on Thursday discussed a proposal to develop a centre to , store and trade raw materials for textile and leather footwear production.
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.
As Việt Nam is no longer an attractive destination for labour-intensive, land-intensive or low-productivity industries, the shift in investment is seen as a natural and expected development.
The Southeast Asian economy exported footwear worth US$1.2 billion during February to more than 150 markets around the world, accounting for 10 per cent of the global supply.
The footwear industry must implement solutions on sustainable development to fulfil the goals in a development strategy for Viet Nam''s garment-textile and footwear industries to 2030, with a vision to 2035.
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.
Viet Nam supports the Federation of the European Sporting Goods Industry (FESI) to develop its production system of footwear and sporting goods in the country.
Viet Nam''s leather and footwear enterprises face many challenges in the remaining five months of 2022, especially the lack of market information, according to the Viet Nam Leather, Footwear and Handbag Association (Lefaso).
Viet Nam''s export of leather, footwear and bags this year will likely increase 10-15 per cent year-on-year to about US$23-25 billion, the Viet Nam Leather, Footwear and Handbag Association (Lefaso) has forecast.