Leather, footwear forecasts 18 bln USD of export earnings
Leather, footwear sector forecasts 18 bln USD of export earnings
The leather and footwear sector forecasts that its export earnings can reach 18 billion USD this year, up more than 10 percent from 2016, while manufacturing index would grow by 5 percent.
Hanoi (VNA) – Theleather and footwear sector forecasts that its export earnings can reach 18billion USD this year, up more than 10 percent from 2016, while manufacturingindex would grow by 5 percent.
According to experts, orders for footwearand bag processing may be diverted from factories in China to those in Vietnam.The shift is attributable to China’s cut back on incentives for investment in garmentand footwear sector to focus on high technology.
Another factor is the Vietnam-EuropeanUnion free trade agreement which will take effect in 2018 and afford Vietnamesefootwear makers more chances to boost export.
The Vietnam Leather, Footwear andHandbag Association reported that the sector raked in 16.2 billion USD fromexport last year, up 8.8 percent from 2015. Of which, 13 billion USD was from footwearand the remaining was from handbags and leather items, marking respective annualincreases of 8.2 percent and 11.1 percent.
Footwear currently ranks fourthand suitcase-bag-briefcase ranks tenth among Vietnam’s top 10 foreign currencyearners.
The sector’s manufacturing index in2016 rose a modest 3.7 percent year-on-year, much lower than the 17.4 percentand 22 percent growth in 2015 and 2014, respectively, due to fluctuations inthe world economic situation and falling demand, especially from the EU.-VNA
As many as 86 percent of Vietnamese workers in the garment-textiles and leather-footwear industries may face unemployment due to automation, according to a report released recently by the International Labour Organisation (ILO).
The US continued topping the list of 200 countries and territories importing Vietnamese goods in 2016, with a total import value of over 34.8 billion USD, according to the Government’s portal.
An online seminar on strengthening trade relations through international trade fairs, held by the Vietnam Trade Office in India on June 25, saw the participation of nearly 50 Vietnamese seafood companies and 50 Indian enterprises in sectors of processed food, agricultural products, fruits, and spices.
The vehicles will be deployed for mail and parcel delivery by Hanoi Post, marking another step in the strategic partnership between the two firms since 2021. With this batch, the total number of electric motorbikes Honda has supplied to Vietnam Post has reached 405, operating primarily in key cities such as Hanoi and Ho Chi Minh City.
With participation from major players representing countries such as Russia, China, Japan, India, Thailand, and Indonesia, Vietbuild 2025 is expected to present a wide range of environmentally friendly and innovative products and services, especially building materials, machinery, and interior and exterior decoration.
Bulgaria holds strengths in sectors that align well with Vietnam’s development focus, including information technology, software, electronics, energy and the environment, startups and innovation, agriculture and food processing, logistics, and freight services.
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Thailand's largest retailer, Central Retail Corporation (CRC), will invest over 45 billion THB (1.38 billion USD) through 2027 to expand mainstream markets and accelerate growth across Southeast Asia, including Thailand and Vietnam.
Vietnam ranks among Asia’s top producers and exporters of denim, with hundreds of factories producing denim fabric and garments. Vietnamese denim products are now exported to over 70 countries.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
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PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
Illustrative image (Source: VNA) 
