Footwear, bag exports estimated at US$19.5 billion this year

According to LEFASO Secretary General, Phan Thi Thanh Xuan, from January to November, the country earned US$14.61 billion from footwear shipments and US$3.07 billion from the export of suitcases and bags, up 10.9% and 3% from a year earlier.

Vietnam has shipped footwear products to more than 100 countries, she noted, adding that the five largest markets of the US, the EU, China, Japan and the Republic of Korea make up over 82% of the total footwear exports.

Footwear shipments to the US have risen by some 10%, and to China, the Republic of Korea and Japan by over 20%, mainly thanks to free trade agreements (FTAs) with these markets.

She said the sector targets roughly US$21.5 billion in export turnover next year, as consumption demand in the major markets is forecast to remain strong.

Additionally, footwear and bag manufacturing orders will continue to be shifted from China to Vietnam to wait for opportunities created by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), taking effect in early 2019, and the EU-Vietnam FTA, also expected to become effective next year.