The country is also among top four largest footwear producers, trailing by China, India and Brazil.
A number of free trade agreements which are likely to come into effect soon will also open more opportunities for the footwear and handbag industry of Vietnam to penetrate potential markets.
Lefaso said that after Vietnam joins the Trans-Pacific Partnership (TPP) agreement, current taxes of 3.5-57.4% will be cut down to zero, helping footwear businesses boost their exports.
However, the biggest challenge for the sector is that the product quality of some businesses does not meet export requirements. Other obstacles include low qualification of human resources and shortage of a material area.
Lefaso will hold an export promotion conference on July 15 with the aim of raising production and export capacity of domestic businesses.
The conference is within the framework of the 2015 national promotional programme to introduce the capacity of Vietnam footwear and handbag exporters to the world.