Vietnam is world’s second largest footwear exporter

Statistics unveiled by the General Department of Vietnam Customs show Vietnamese footwear exports brought in more than US$20.2 billion last year, representing a fall of 15.3% year on year.

The United States, China and Belgium were the three largest markets for Vietnamese footwear last year. The US spent more than US$7.1 billion importing shoes from Vietnam, followed by China (US$1.8 billion) and Belgium (more than US$1.2 billion).

The General Department of Vietnam Customs reported that footwear exports to the US and the EU in January – November 2023 fell by 27.9% and 19.2% to US$6.5 billion and US$4.45 billion, respectively. Meanwhile, those exports to China and ASEAN increased by 11.1% and 26.9% to US$1.71 billion and US$497 million, respectively.

The fact is that major consumers of Vietnamese footwear such as the US, EU, and Japan have tightened their belt due to the impact of soaring inflation since the fourth quarter of 2022. While demand in export markets has slowed down, inventories of retailers and brands remain high, putting the leather and footwear industry in the doldrums.

Some large-scale manufacturing firms reported that last year saw the number of orders from the textile, garment, and footwear industries decrease by 25-50%, causing the firms to lay off workers and scale down production.

Currently, Vietnam has exported footwear products to 150 markets worldwide, with the US, the EU, the UK, China, and Japan being the main markets. To retain its position in the world, Vietnam has been advised to build and develop the leather and footwear industry’s supply chain.