Footwear companies need to scale up production, increase localization, and meet stricter green standards to achieve their ambitious export target of US$29 billion in 2025. Footwear market rebounds Nguyen Van Thinh, director of Viet A Chau Company (VITACO.CORP), reported a 30% year-on-year pickup in 2024. The EU, accounting for 60% of the company’s exports, along with the U.S. and Japan, contributed significantly to this increase. Gia Dinh Group also reported over 15% growth in 2024 compared to the previous year, according to chairman Nguyen Chi Trung. The company has not only solidified its presence in the U.S. and EU markets but has also expanded into Japan, South Korea, South Africa, and Mexico. Industry-wide, Vietnam’s footwear exports grew by approximately 10% in 2024, reaching over US$26 billion, said Phan Thi Thanh Xuan, vice chairwoman of the Vietnam Leather, Footwear, and Handbag Association (Lefaso). The U.S. and the EU, key markets for the sector, each recorded over 10% growth. Meanwhile, China remained a billion-dollar market, contributing 9% of the industry’s export value. The sector also tapped into emerging markets in South America and the Middle East in 2024. The Middle East, with its broad and diverse consumer base, has been identified as […]