Vietnam has so far this year earned US$1.75 billion from footwear exports, a year-on-year increase of 13.4 percent, according to the Ministry of Industry and Trade.
In May alone, the hard currency earner brought in US$380 million, a rise of 2.4 percent over the same period last year.
However, the ministry has warned that despite the gain, the industry still faces difficulties due to an anti-dumping lawsuit and soaring prices, particularly for materials.
Economists said although footwear makers exported up to 90 percent of their total output, their profit margins remained modest because they only implemented sub-contracts for international conglomerates.
Vietnam now ranks tenth among the world’s major shoe exporters and second only to China in the EU market.
The country’s footwear industry has an annual average growth rate of 16 percent and its revenue is expected to reach US$4.5 billion this year and US$6.2 billion in 2010.
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