Many Vietnamese leather and footwear firms have been implementing new production and business strategies to seize opportunities offered by free trade agreements (FTAs), especially a deal between the country and the Eurasia Economic Union (EAEU) which took effect last month.
Vietnam’s leather and footwear industry should improve its supply chain performance to take advantage of the milestone trade deal that the country has signed with the EU and to recover from the effects of the COVID-19 crisis, speakers said at a recent international footwear conference.
The footwear and handbag industry aims to reach export revenue of 24 billion USD in 2020, after hitting 22 billion USD last year, the industry association said.
Vietnam’s export turnover from footwear products and handbags reached nearly 14.5 billion USD in the first eight months of 2019, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
The EU-Vietnam Free Trade Agreement (EVFTA) is expected to create solid opportunities for Vietnam to expand its export markets in the time ahead, especially in terms of the garment
and footwear industries.
Imports of materials for garment and footwear industries from Canada saw a tremendous growth of 179.8% to US$11.8 million in the first four months of this year, according to the statistics from the General Department of Vietnam Customs.
Total export value of top ten products hit US$92.2 billion during the first nine months of this year, accounting for 71.7% of the country’s total export revenue, reports the General Department of Vietnam Customs.
Millions of textile & garment and footwear workers could be replaced with robots in the future.