Today: 10/08/2022 18:56:37 (GMT+7)
THE CENTRAL AGENCY OF THE COMMUNIST PARTY OF VIETNAM BAC GIANG PROVINCE THE VOICE OF THE PARTY, GOVERNMENT AND PEOPLE OF BAC GIANG PROVINCE

Footwear exports likely to grow 5 percent in 2021

Vietnam’s footwear exports are likely to grow 5 percent this year although Covid-19-induced supply chain disruptions caused decreases in August and September, according to Phan Thi Thanh Xuan, Secretary-General of the Vietnam Leather, Footwear and Handbag Association (Lefaso).

Weakening shipments and southern industrial parks devastatingly stricken by Covid-19 in August and September have troubled industry players who were worried that the sector was not likely to achieve its 18-billion-USD export goal in 2021.

Footwear exports, supply chain disruptions, industrial parks, flexible measures, unexpected breakthroughs, major corporations

Illustrative image.

However, just two months after southern cities and provinces reopened its economy with flexible measures to sustain production and keep the virus at bay, the billions-dollar industry has seen unexpected breakthroughs, said Xuan, adding that exports will rise 5 percent compare to the previous year.

Vietnam’s accession to multiple free trade agreements (FTAs), particularly the Comprehensive and Progressive for Trans-Pacific Partnership (CPTPP), have channeled large FDI from major corporations from the Republic of Korea, China and others into Vietnam, constantly heightening the domestic production capacity.

Data from the World Footwear Yearbook shows that Vietnam exported 1.23 billion pairs of footwear in 2020, a 4.4-fold increase against 2011. It also marked the first time the country’s global market share had exceeded 10 percent.

Between 2016 – 2020, Vietnam’s footwear exports picked up 6.4 percent annually on average, with its revenue edging up from 10.3 percent in 2016 to 13.6 percent of the world's total in 2020.

Various world-famous brands, including Nike, Adidas, Reebok, and Puma, have selected Vietnam as a destination for outsourcing and setting production bases.

Deputy General Director of Golden Victory Co., Ltd., Le Thi Anh Dao said Vietnamese manufacturers has quite clear competitive edges over regional rivals in securing orders from brands. “Previously, many brands such as Nike have mainly placed outsourcing orders in China but now they are more likely to turn to Vietnam as global consumers are increasingly in favour of “Made-in-Vietnam” products,” Dao said.

According to Lefaso, Vietnam became the world’s biggest exporter of textile-capped shoes in 2020, accounting for 26.3 percent of total global shipments which has been on the rise this year.

Strong potential to increase Vietnamese fruit and vegetable exports to US market
The growth rate for US imports of processed fruit and vegetables from Vietnam is high, showing that Vietnam's processed fruit and vegetable products are gradually meeting the requirements of US consumers.
 
Vietnam’s export turnover projected to hit 535 billion USD by 2030
Vietnam’s export turnover is projected to record an annual average growth of 7 percent per year, hitting 535 billion USD by 2030, according to a new research by Standard Chartered issued on November 30.
 
Businesses advised to avoid basic mistakes when exporting farm produce to EU
Vietnamese enterprises should avoid basic mistakes when exporting food and agricultural products to the European Union (EU), heard a consultancy session for exports to Belgium and the EU which was held by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade on November 22.
 
Import-export revenue forecast to hit new record in 2021: MoIT
The Ministry of Industry and Trade (MoIT) has forecast that total import-export revenue this year may reach a new record, at between 640 - 645 billion USD, with a slight trade deficit.
 
Garment exports likely to reach $38 bln
Vietnam may gain $6 billion from garment and textile exports in November and December, totaling $38 billion in this year's turnover, stated Vietnam Textile and Apparel Association (VITAS).
 

Source: NDO/VNA

Footwear exports, supply chain disruptions, industrial parks, flexible measures, unexpected breakthroughs, major corporations
 
New comment has just been added. Click here
Sort:NewBest News