Footwear exports hit US$11 billion in 11 months
(VOV) - Footwear exports are estimated at US$1.05 billion in November, up 10.2% against last year’s figure. This brings the total export revenue in 11 months to nearly US$11 billion, an increase of 16.3% against the corresponding period last year.
If it can maintain the export growth rate, the footwear sector will fulfil this year’s set target of over US$12 billion and even reach US$15 billion, taking into account the export of bags, suitcases, and umbrellas, reported the Ministry of Industry and Trade (MoIT).
This year the footwear sector has constantly received good news from free trade agreements (FTAs).
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By the end of last year, Vietnam had been the second largest footwear supplier to the US, trailed by China
According to the US Textiles and Apparel under the Department of Commerce, the country’s footwear import value reached US$127 billion last year. More than 12% of this amount went to imports of footwear from Vietnam.
These figures demonstrated a huge opportunity for Vietnam footwear exports to the US market, especially after the Trans-Pacific Partnership (TPP) comes into effect when import duties will be cut down to zero.