In line with these figures, leather and footwear exports during January were estimated to be at 21.9 million pairs, representing an annual increase of 3%, while textile and apparel exports saw a slight increase of 3.3% to US$2.6 billion.
Statistics compiled by the MoIT indicate that these two sectors grossed an export turnover of US$4.4 billion in January.
Experts anticipate that amid complicated developments relating to the novel coronavirus (COVID-19) pandemic, the local garment and textile industry will face numerous challenges throughout the coming year.
Despite these issues, newly-signed free trade agreements (FTAs) are expected to provide a wealth of opportunities to the nation’s garment and textile sector to expand into new export markets worldwide.
Most notably, the Regional Comprehensive Economic Partnership (RCEP) is projected to give fresh impetus to encourage firms to expand into new locations as many of the sector’s major markets, including Europe, have been greatly affected due to the impact of the COVID-19 pandemic.
Furthermore, the local leather and footwear industry has to be proactive in making the most of the various advantages gained through the FTAs in order to create breakthroughs in their business and production activities whilst also boosting exports.
Simultaneously, the establishment of fresh supply chains due to the adverse impacts caused by the COVID-19 epidemic offers new opportunities for Vietnamese leather and footwear enterprises to participate more deeply in the global supply chain.
Moreover, foreign-invested firms have continued to pour capital into new investments and expand production, a factor which will ultimately help the footwear industry to maintain export growth in near future.
