Footwear industry set to gain US$27 billion in export this year
Vietnam's footwear and leather industry is poised to achieve US$26-27 billion in export in 2024, marking a US$3 billion increase from the previous year, as the country has well capitalised on the signed free trade agreements to bolster shipment.
Phan Thi Thanh Xuan, vice chairwoman and general secretary of the Vietnam Leather, Footwear and Handbag Association (Lefaso) highlighted Vietnam’s global standing as the world’s third largest footwear producer, trailing China and India, and the second biggest exporter.
She stated that North America led the export destinations, accounting for 41.4% of footwear and 47% of handbag exports, followed by the EU, with 29.5% and 25,4%, respectively.
Key 16 markets, including the US, China, Japan, Belgium, the Netherlands, the UK, the Republic of Korea, Canada, France, Spain, Italy and Australia, represented over 88.4% of the total export turnover.
Xuan said the industry has showed a strong recovery since late 2023, with major firms securing contracts through mid-2025.
Experts said it is important to develop the domestic supporting industry and raw material production to tap the free trade deals to the fullest extent. Besides, the Lefaso proposed the establishment of specialised industrial zones that focus on leather tanning, production of technical fabric, and mold components, with an emphasis on environmental protection.
