Illustrative image (Source: VNA)
The meeting on July 12 between two of the world’s top three footwear producers was organised by the Indian consulate in HCM City and the Vietnam Leather Footwear and Handbag Association (LEFASO) in HCM City.
The visitors, led by India’s Council for Leather Export, became acquainted with their Vietnamese counterparts and showcased their products as they sought potential partners.
Diep Thanh Kiet, deputy chairman of LEFASO, said Vietnam’s exports of footwear and handbags were worth US$17.96 billion last year, and this year’s target is US$19.5 billion.
The country is the second largest exporter of footwear in the world, he said.
Vietnam imported around US$92 million worth of leather from India last year, or 5% of its total leather imports. It plans to import US$115 million worth this year.
Dr K Srikar Reddy, the Indian consul general in HCM City, said: “Indian companies’ interest in investing in and cooperating with Vietnam is constantly rising.”
Leather is one of India’s major industries. It is the fifth largest exporter of leather, accounting for almost 13% of the world’s output.
According to India’s Ministry of Commerce and Industry, the country imported around US$121.63 million worth of footwear and other leather goods from Vietnam from April 2017 to March 2018.
Vietnam imports around 60% of the leather it requires for footwear production, which offers potential for strengthening the partnership between the two countries, Reddy said.