Domestic leather and footwear firms have no choice but to convert their production activities as difficulties are expected to linger through this year due to the impact of the COVID-19 pandemic, experts have said.
The Covid-19 pandemic has continued to obstruct trade activities of the leather and footwear industry in the main export markets of Vietnam, including Europe and the US.
Businesses are optimistic about the prospects of the two largest export markets, the US and China, after the Chinese yuan for the first time fell from the ‘red line’ since 2008 to 6,9225 yuan per dollar.
Asked about influence of the US-China trade war on their business performance, Vietnamese enterprises said they can see opportunities, but find it difficult to grab them.
The Vietnamese footwear market may face problems if the US imposes a tariff of 25 percent on Chinese products in the current trade war.