Footwear industry set to gain $27 billion in export this year

Footwear production for export to the EU. — VNA/VNS Photo

Việt Nam's footwear and leather industry is poised to achieve US$26-27 billion in export in 2024, marking a $3 billion increase from the previous year, as they country has well capitalised on the signed free trade agreements to bolster shipment, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).

Legaso Deputy Chairwoman and General Secretary Phan Thị Thanh Xuân highlighted Việt Nam’s global standing as the world’s third largest footwear producer, trailing China and India, and the second biggest exporter. She stated that North America led the export destinations, accounting for 41.4 per cent of footwear and 47 per cent of handbag exports, followed by the EU, with 29.5 per cent and 25.4 per cent, respectively.

Key 16 markets, including the US, China, Japan, Belgium, the Netherlands, the UK, the Republic of Korea, Canada, France, Spain, Italy and Australia, represented over 88.4 per cent of the total export turnover.

Xuân said the industry has showed a strong recovery since late 2023, with major firms securing contracts through mid-2025.

Experts said it is important to develop domestic supporting industry and raw material production to tap the free trade deals to the fullest extent. Besides, the Lefaso proposed the establishment of specialised industrial zones that focus on leather tanning, production of technical fabric, and mold components, with an emphasis on environmental protection.