Vietnam’s footwear exports are likely to grow 5 percent this year although COVID-19-induced supply chain disruptions caused decreases in August and September, according to Phan Thi Thanh Xuan, Secretary-General of the Vietnam Leather, Footwear and Handbag Association (Lefaso).
Hanoi (VNA) – Vietnam’s footwear exports arelikely to grow 5 percent this year although COVI🌸D-19-induced supply chaindis🌃ruptions caused decreases in August and September, according to PhanThi Thanh Xuan, Secretary-General of the Vietnam Leather, Footwear and HandbagAssociation (Lefaso).
Weakening shipments and southern industrial parksdevastatingly stricken by COVID-19 in August and September have troubled industryplayers who were worried that the sector was not likely to achieve its18-billion-USD export goal in 2021.
However, just two months after southern cities and provincesreopened its economy with flexible measures to sustain production and keep thevirus at bay, the billions-dollar industry has seen unexpected breakthroughs,said Xuan, adding that exports will rise 5 percent compare to the previous year.
Vietnam’s accession to multiple free trade agreements(FTAs), particularly the Comprehensive and Progressive for Trans-PacificPartnership (CPTPP), have channeled large FDI from major corporations from theRepublic of Korea, China and others into Vietnam, constantly heightening thedomestic production capacity.
Data from the World Footwear Yearbook shows that Vietnamexported 1.23 billion pairs of footwear in 2020, a 4.4-fold increase against2011. It also marked the first time the country’s global market share hadexceeded 10 percent.
Between 2016 – 2020, Vietnam’s footwear exports picked up6.4 percent annually on average, with its revenue edging up from10.3 percent in 2016 to 13.6 percent of the world's total in 2020.
Various world-famous brands, including Nike, Adidas, Reebok,and Puma, have selected Vietnam as a destination for outsourcing and settingproduction bases.
Deputy General Director of Golden Victory Co., Ltd., Le ThiAnh Dao said Vietnamese manufacturers has quite clear competitive edges overregional rivals in securing orders from brands. “Previously, many brands such as Nikehave mainly placed outsourcing orders in China but now they are more likely to turn toVietnam as global consumers are increasingly in favour of “Made-in-Vietnam”products,” Dao said.
According to Lefaso, Vietnam became the world’s biggestexporter of textile-capped shoes in 2020, accounting for 26.3 percent of totalglobal shipments which has been on the rise this year./.
Thanks to the preferential tariffs under the EU-Vietnam Free Trade Agreement, footwear exports to the bloc’s 27 member countries increased by 19.2 percent year-on-year in the first quarter of 2021.
Despite facing difficulties caused by the COVID-19 pandemic, Vietnam's footwear industry still achieved double-digit growth and some companies have received long-term orders.
Vietnam's footwear exports brought home 11.27 billion USD from the start of the year to July 15, a year-on-year surge of 28.36 percent, according to the General Department of Vietnam Customs.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA)
