Footwear businesses win major export contracts

(VOV) - Vietnam’s footwear exports jumped 18.4% to US$8.8 billion during the first nine months of this year, according to the Ministry of Industry and Trade (MoIT).

The Vietnam Leather, Footwear and Handbag Association (LEFASO) reported that up to now many businesses have won long-term and stable export contracts, even for the first quarter of next year as the results of Vietnam’s signing of free trade agreements (FTAs).

This year’s target of making 280.2 million pairs of leather shoes of different categories and earning US$14 - 15 billion export revenue is within reach.

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Next year, the footwear sector aims to produce 314 million pairs, rake US$16 - 17 billion in export value and increase the percentage of home found materials to 60-65%.

The MoIT warned that domestic businesses should focus on both overseas and domestic markets and invest more in technology to improve the quality of products to meet strict technical requirements of demanding markets like the EU and US.

The sector should spur connectivity among businesses to develop the supply chain of materials towards sustainable development, the ministry said.

The ministry will renovate trade promotion and disseminate information about FTAs to businesses.