The domestic leather and footwear industry still has a chance to increase exports by year-end, but it will be unable to reach its export target of US$24 billion.
The footwear and handbag industry aims to reach export revenue of US$24 billion in 2020, after hitting $22 billion last year, the industry association said.
Viet Nam now exports 1 billion pairs of shoes per year and the nation is the second largest leather and footwear exporter in the world, according to experts at the Viet Nam Footwear Summit 2019 held in HCM City on...
The leather and footwear sector needs to develop supporting industry to reduce reliance on the import of raw materials, enhance competitiveness and boost high-value exports.
Global footwear brands like Adidas, Nike and Puma are increasingly turning to Viet Nam for their manufacturing needs due to its affordable labour costs and free trade agreements.
Viet Nam’s leather and footwear industry will continue to develop in the coming years, according to the Viet Nam Leather, Footwear and Handbag Association (Lefaso).
New trends and growth models in the footwear industry will be the main topics of discussion at the Viet Nam Footwear Summit 2018 in HCM City from March 21-22.
Of 23 billion pairs of shoes sold worldwide in 2017, Viet Nam exported over one billion pairs, continuing to maintain the second position (after China) in shoes export.
Viet Nam has set a goal of earning between US$19.5 billion and $20 billion from footwear, bags and suitcases in 2018, up 10 per cent and 12 per cent from 2017.
A dramatic change in market trends and the "fourth" industrial revolution are forcing Vietnamese enterprises to gradually apply new technologies to production.
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.