Trade

Upward trend in Vietnamese exports of leather, footwear and handbags

Jul 24, 2024 Vietnam

Based on positive results so far, Vietnam’s exports of leather, footwear and handbags could reach 26 to 27 billion USD by the end of the year, according to Lefaso

The Vietnam Leather, Footwear and Handbag Association (Lefaso) estimates that the sector’s exports could reach between 26 and 27 billion US dollars in 2024. This forecast takes into account the fact that exports, in the first half of the year, exceeded 6.5 billion US dollars, an increase of 5.7% on a comparable basis to the same period of last year.

The association’s vice president and secretary general, Phan Thi Thanh Xuan, told local media that the industry is focusing on its key markets - the US, the EU, Japan, the Republic of Korea, and China - but is also working to grow in other markets, especially those that have signed free trade agreements (FTAs) with Vietnam.

Xuan also revealed that the industry is looking to focus on mid- and high-end product segments in the future. In the short term, however, it's concerned about increasingly strict sustainability standards, including traceability, which will require companies to invest in technology and finance to meet the demands of their markets.

Vietnamese Footwear Industry

According to the World Footwear 2023 Yearbook (more information available HERE), Vietnam is the second-largest exporter of footwear in the world. The first half of 2022 was the busiest for the industry, but there was a significant slowdown in the second half. Nevertheless, exports reached a new record high, surpassing the 30 billion US dollar mark.

Source: vietnamnews.vn

Image Credits: vinwonders.com

Vietnam Accessories Exports Footwear International Trade Leather Organisations