In 2019, Vietnam’s footwear exports reached US$21.5 billion

- Dec 31, 2018-

Recently, Panhe Youth, secretary-general of the Vietnam Leather Footwear and Bag Association (Lefaso), revealed that in 2019, Vietnam’s exports of footwear reached $21.5 billion, and the production index rose 10% from 2018.

Pan's youth pointed out that from January to November 2018, Vietnam's footwear exports amounted to 14.61 billion US dollars, an increase of 10.9%. It is estimated that the annual export volume will reach 19.5 billion U.S. dollars in 2018, of which foreign direct investment enterprises will export 13.97 billion U.S. dollars, accounting for 79.8%.

Pan’s youth said that demand for Vietnam’s major export markets remained high in 2019, and foreign direct investment (FDI) companies continued to increase their investment in Vietnam’s footwear industry. As China concentrated on the development of high-tech industries and reduced investment in the footwear industry, this part of footwear production and processing orders gradually shifted to Vietnam.

Pan’s youth said that Vietnam exports footwear to more than 100 countries, including exports to more than $1 million in 72 countries. The five major markets for the Vietnamese footwear industry include the United States, the European Union, China, Japan and South Korea, accounting for 82.3% of total exports. In 2018, the US market grew by 10%, and markets such as China, South Korea and Japan grew by 20%. The entry into force of the free trade agreement is the main reason for Vietnam’s surge in exports to the above-mentioned countries.

Gao Guoxing, deputy minister of Vietnam's Ministry of Industry and Trade, said that Vietnam's footwear industry has achieved breakthrough growth. In order to continue to maintain growth, companies should ensure production standards, meet market demand, and increase investment attraction.

The Ministry of Industry and Trade of Vietnam emphasized that the Vietnamese government will work with enterprises to help enterprises resolve difficulties, develop auxiliary industries, and develop development plans for footwear-assisted industries. Gao Guoxing suggested that footwear enterprises pay attention to the development of human resources, formulate appropriate development strategies, and accelerate the transformation and application of the fourth industrial revolution.