return icon

Vietnam's leather and footwear industry targets US$27 billion in 2023 exports

The leather and footwear industry is striving to reach US$27 billion in export turnover in 2023, an increase of about 10% compared to one year earlier amid shrinking major markets and falling demand.

leather and footwear industry targets us 27 billion in 2023 exports picture 1

In 2022, the sector grew by more than 30%, with one of the reasons behind this high growth being the effective utilization of free trade agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA).

Furthermore, the shift of production to be able to use local sources of raw materials to increase the localization rate of raw materials in a bid to meet the requirements relating to the origin of goods under FTAs helped the leather and footwear industry meet the export target.

However, many objective factors are forecast to affect the industry’s export growth in the year ahead.

According to Phan Thi Thanh Xuan, vice president and general secretary of the Vietnam Leather, Footwear and Handbag Association (LEFASO), in major export markets such as the United States, the EU, and Japan, inflation has reduced consumer purchasing power, while businesses face high inventories. It is therefore expected that by the end of the second quarter of the year, the leather and footwear industry will begin to record some positive signs.

With some major export markets in the process of shrinking, businesses need to actively improve the overall competitiveness of their products, as well as move to expand their export markets.

"Solutions that we are aiming for is to find new sources of supply, and new markets, and especially to try to make good use of markets in which Vietnam already has signed FTAs. It is worth noting that Vietnamese footwear products also have a pretty good Vietnamese brand name, and the is quite reputable for the product lines, especially sports shoes with big brands. That's why we also hope that amid declining total demand, orders to Vietnam will still be maintained," said Xuan.

Over the past years, the export of footwear and handbags to markets which have FTAs with Vietnam has recorded a growth rate of between 10% and 20%. This serves as a basis for the entire industry to set an export target of US$27 billion this year.


Chinese manager arrested for murdering staff member in Binh Duong

A Chinese director of a company in the southern province of Binh Duong was arrested on Thursday after allegedly murdering a female staff member.

Hundreds of flights added for surging national holiday demand

Vietnamese airlines have provided around hundreds of additional flights to serve travel demand for Reunification Day (30/4) and International Labour Day (May 1).

New 3D virtual space promotes Vietnamese betel nut culture

The practice of chewing betel has deep cultural roots in Vietnamese traditions and is a customary element in engagement and wedding ceremonies, as well as during conversations.

HCM City organises first-ever bánh mì festival

Visitors can browse and enjoy a wide variety of Vietnamese bánh mì with many types of fillings, including vegetarian, as well as other baked goods and sweets.

20 districts, thousands of communes to be eliminated as part of admin reform

Eight districts and 563 communes have been eliminated as part of administrative reform. The figures will double or triple in the time to come.

Vietnam a potential market for shoppertainment: report

Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment.

Education Ministry urges schools to boost vigilance after spate of scams

In response to a spate of sophisticated scams targeting parents and students, the Vietnamese Ministry of Education and Training (MoET) has called on schools to increase their vigilance and strengthen their coordination with parents.

Vietnamese artists, athletes exalted at Devotion Awards 2023

Outstanding artists and athletes were honoured at the Cong hien (Devotion) Awards 2023, which for the first time featured new categories for sports in addition to traditional ones for music.

Visa extension proposal to help boost Vietnam's tourism

The Government has agreed to propose to the National Assembly some new policies relating to the immigration, transit and residence of foreigners in Vietnam, including one on a visa extension to 90 days.

Vietnamese documentary films screened in France

Documentary films produced by young Vietnamese directors are being screened in a special programme entitled "Adventure of Varan Vietnam" in Paris from March 24- April 2.

New stamp set promotes Vietnamese biodiversity

A new stamp collection depicting the blooming flowers from fern trees that grow abundantly in Da Lat has been issued by Vietnam Post Corporation under the Ministry of Information and Communications.

Vietnam's Q1 trade of agro-forestry-fisheries products exceeds $20 billion

The import-export revenue of agro-forestry-fisheries products in the first quarter of this year was estimated at 20.63 billion USD, down 11.2% year on year, according to the Ministry of Agriculture and Rural Development (MARD).

Hanoi named most expensive city in Vietnam last year

A recent report on the Cost of Living Index, published by the General Statistics Office, has revealed that Hanoi, the capital city of Vietnam, was the most expensive place to reside in the country in 2022.

Outstanding policies take effect in April

A series of new policies on occupational diseases covered by social insurance, guarantee for future houses, VAT refund for investment projects shall take effect from next month.

Debate about exams on paper or computer continues

Educators believe that it is necessary to pilot a program on computer-based high school finals as soon as possible. This can be done next year in localities that can satisfy requirements.