December 11, 2019 10:10

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Leather and footwear exports forecasted to hit the target of $21.5 billion

10:57 | 11/11/2019

VCN – It is forecast that the production of leather and footwear this year will increase over 10 percent compared to 2018, with a total export turnover of about $21.5 billion.

leather and footwear exports forecasted to hit the target of 215 billion Exports of leather and footwear likely to reach US$21.5 billion this year
leather and footwear exports forecasted to hit the target of 215 billion Vietnam expected to overtake China in leather, footwear exports to US market
leather and footwear exports forecasted to hit the target of 215 billion Exports of garment-textile, leather shoes surge 10.5 percent
leather and footwear exports forecasted to hit the target of 215 billion
The leather and footwear industry will have strong export growth motivation from the CPTPP and EVFTA. Photo: N. Hue.

According to the Ministry of Industry and Trade, in the first ten months, the production of leather and footwear was estimated at 246.4 million pairs, footwear exports were estimated at $14.6 billion, up 8.6 percent and 11.2 percent respectively over the same period last year.

The Ministry of Industry and Trade said that the exports of Vietnam's leather and footwear industry were also growing steadily, with many positive signals in the last months of 2019 and the following years, maintaining a competitive advantage in traditional markets.

Specifically, in the US market, the removal of preferential policies for footwear exported from China and India are creating more favorable competition opportunities for Vietnam's footwear.

Notably, the Ministry of Industry and Trade stated that the signing of a number of free trade agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or the Vietnam-EU FTA (EVFTA) will open up development opportunities for Vietnam's leather and footwear industry, especially attracting investment as well as boosting exports to EU markets and CPTPP member countries.

leather and footwear exports forecasted to hit the target of 215 billion Exports of leather and footwear industry to increase in 2019

VCN - The Vietnam Leather, Footwear and Handbag Association(Lefaso) attended the 7th Congress of 2019-2024 held on the ...

Meanwhile, China is continuing to reduce investment incentives in the field of textiles and footwear to focus on high-tech industries, so orders for footwear and bags processing continue to shift from China to Vietnam.

By Thanh Nguyen/ Huyen Trang