To develop the support industry for the leather and footwear sector, the State should have policies to encourage the development of new materials, according to the Vietnam Leather and Footwear Association (Lefaso).
The footwear and handbag industry aims to reach export revenue of US$24 billion in 2020, after hitting $22 billion last year, the industry association said.
The leather-footwear industry of Vietnam has established its foothold in the global market, but challenges are still lying ahead, requiring it to work harder to grasp big chances created by new-generation free trade agreements (FTAs).
Vietnam’s export turnover from footwear products and handbags reached nearly 14.5 billion USD in the first eight months of 2019, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
VOV.VN - The leather and footwear industry is expected to maintain the positive signs of growth seen throughout 2019 as local businesses continue to make great strides in capitalizing on opportunities brought about by the international economic integration to fulfill this year’s export turnover target of US$21.5 billion.
Vietnam’s exports to the United States have recently soared, bringing about opportunities to both gain more market shares in the states and potential risks.
Vietnam’s export turnover from leather products and footwear is estimated to hit 21.5 billion USD in 2019, a year-on-year rise of 10 percent, said the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Textile companies have rejected the proposal to raise employees’ retirement ages, saying most women workers suffer from huge workloads.
In 2018, manufacturing remained the driving force of the economy with an increase of 12.98% year-on-year, contributing 2.55 percentage points to Vietnam’s 10-year high economic growth of 7.08%.
VOV.VN - Economists say opportunities and challenges brought by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership depend on the capacity of Vietnamese enterprises to grasp and overcome them.
VOV.VN - Vietnam's exports of footwear, suitcases and bags are expected to rake in US$21.5 billion during 2019, representing a 10% on-year rise, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
The leather and footwear sector needs to develop supporting industry to reduce reliance on the import of raw materials, enhance competitiveness and boost high-value exports, said Deputy Minister of Industry and Trade Cao Quoc Hung.
Exports of footwear, suitcases and bags of all kinds are estimated at US$19.5 billion in 2018, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
The EU-Vietnam Free Trade Agreement (EVFTA) is expected to create solid opportunities for Vietnam to expand its export markets in the time ahead, especially in terms of the garment and footwear industries.
VOV.VN - Vietnam has become the world’s third largest exporter of footwear with a total export value in the first nine months of this year rising by 10.5% to US$11.7 billion, according to the Ministry of Industry and Trade (MoIT).
A visiting delegation of 30 executives from Indian leather companies have met with their Vietnamese counterparts in HCM City.
Footwear enterprises from the Republic of Korea (RoK) are operating effectively in Vietnam and their investment flows to the country are expected to increase strongly once the EU-Vietnam Free Trade Agreement (EVFTA) is signed.
Over 700 leather and shoe exhibitors from Vietnam and 26 countries and territories worldwide will be displaying their products at two exhibitions on leather, footwear, and the sewing machine industry, which opened in Ho Chi Minh City on July 11.
VOV.VN - The leather and footwear sector has not developed its support industry despite huge export value.
Major brands in the footwear industry are shifting their outsourced work to Vietnam instead of China, but experts doubt this will be a good thing in the long run.