HCMC – Vietnam’s leather and footwear export revenue totaled around US$15.2 billion between January and July this year, up by 10% year-on-year, according to data from the Ministry of Industry and Trade.
Of these, footwear exports accounted for US$12.8 billion, an uptick of 10.1% versus the year-ago period, while handbag exports reached US$2.35 billion, up by 7.9% year-on-year.
Footwear exports has gradually recovered since late 2023, with many companies now securing export contracts for all of 2024.
The Vietnam Leather, Footwear and Handbag Association (Lefaso) said that the footwear and leather industry has effectively leveraged the advantages of free trade agreements (FTAs) that Vietnam has signed.
This is evident in the past seven months, with footwear and leather exports to the European Union rising by 23.8% thanks to the EU-Vietnam Free Trade Agreement (EVFTA), member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) soaring by 13.9%, and the ASEAN market picking up by 2.4%. However, exports to the EAEU region have ceased due to the ongoing Russia-Ukraine conflict.
Given the current growth rate and the volume of orders businesses in the country have secured, footwear and leather export revenue in all of 2024 may amount to between US$26 billion and US$27 billion.
