Vietnam’s exports to the United States have recently soared, bringing about opportunities to both gain more market shares in the states and potential risks.
Vietnam’s key commodities, including apparel, leather, and footwear, are forecast to be hurt by the US-China trade war, which began on July 6 when the US imposed new tariffs on a majority of Chinese imports into the country, worth nearly US$34 billion.
Despite challenges, Vietnam’s leather and footwear sector will still have a competitive edge for the next two decades, according to Deputy Chairman of the Vietnam Leather, Footwear and Handbag Association (LEFASO) Diep Thanh Kiet.
Vietnam exported over one billion pairs out of 23 billion pairs of shoes sold worldwide in 2017, continuing to maintain the second position (after China) in shoes export.
With Vietnam’s economy slowing down in the first quarter, the government has requested that state-run corporations and associations pull out all the stops to help the country achieve the full-year GDP growth target.
Prospects are bright for Vietnam’s footwear exports after the EU-Vietnam Free Trade Agreement comes into force in 2018.
Vietnam’s leather and footwear industry is trying to move up the global value chain to seize the potential benefits of new-generation free trade agreements.
(VOV) - The US is presently considered a big importer of Vietnam suitcases and bags, accounting for more than US$1 billion out of total US$2.4 billion in export value, far exceeding other key markets-the EU and Japan.
(VOV) - After a few difficult years brought about by the global economic recession, Vietnam’s leather and footwear industry has been a key factor underpinning the resilience of the nation’s economic growth and employment.
(VOV) -Ho Chi Minh City hosted a June 6 trade exchange between representatives and businesses of the Vietnamese and Thai footwear industries.