The Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies (VIATT) opened at the Saigon Exhibition and Convention Centre (SECC) in Ho Chi Minh City on February 26.

Export revenue of the leather, footwear and handbag sector is predicted to hit US$26-27 billion in 2024 on the basis of the positive results seen so far, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).

2024 will continue to be a challenging year for the leather and footwear industry but there are still many prospects to increase exports this year, according to Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association (Lefaso) Phan Thi Thanh Xuan.

Vietnam’s textile, garment and footwear makers aim to achieve a combined export value of US$77-US$80 billion in 2025 and US$106-US$108 billion in 2030, according to the strategy for the development of Vietnam’s textile and footwear industries.

Vietnam’s footwear sector is now beginning to see positive signs after export revenue for footwear and handbags fell 11% year-on-year to US$19.5 billion in 2020, making it one of the sectors hardest hit by COVID-19.

The UK-Vietnam Free Trade Agreement (UKVFTA), expected to come into force in the beginning of 2021, is promising several export opportunities to the European market for Vietnamese garment-textile and footwear enterprises.

VOV.VN - The Vietnamese leather & footwear sector is finding it difficult to fulfil the US$24 billion export target this year due to shrinking markets globally, according to Ministry of Industry and Trade (MoIT).