Footwear, bags exports estimated at US$19.5 bil.

Illustration photo

Viet Nam has shipped footwear products to more than 100 countries, the five largest markets of the U.S., the EU, China, Japan and the Republic of Korea make up over 82% of the total footwear exports.

Footwear shipments to the U.S. have risen by some 10%, and to China, the Republic of Korea and Japan by over 20%, mainly thanks to free trade agreements (FTAs) with these markets.

Additionally, footwear and bag manufacturing orders will continue to be shifted from China to Viet Nam to wait for opportunities created by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), taking effect in early 2019, and the EU-Viet Nam FTA, also expected to become effective next year.

LEFASO Secretary General, Phan Thi Thanh Xuan said from January to November, the country earned US$14.61 billion from footwear shipments and US$3.07 billion from the export of suitcases and bags, up 10.9% and 3% from a year earlier.

The sector targets roughly US$21.5 billion in export turnover next year, as consumption demand in the major markets is forecast to remain strong, she added.

 The United States, the European Union, China, Germany and Japan were the largest export markets for Vietnamese footwear, bags and suitcases in the reviewed period.

To help Vietnamese exporters realise the targets, the Viet Nam Leather, Footwear and Handbag Association will participate in relevant policy making while luring foreign and domestic investment in support industries, thus increasing the localisation rate and ensuring sustainable development.

It will also host trade promotion events, workshops, and training classes to improve the management capability of enterprises. Footwear will remain Viet Nam’s top four exports and handbags will remain among the top 10 exports.

By Vien Nhu