LEFASO estimates this year's exports of footwear, suitcases and bags of all kinds at 19.5 billion USD (Photo: VNA) Hanoi (VNA) – Exports of footwear, suitcases andbags of all kinds are estimated at 19.5 billion USD in 2018, according to theVietnam Leather, Footwear and Handbag Association (LEFASO).
At a meeting in Hanoi on December 26, LEFASOSecretary General Phan Thi Thanh Xuan said from January to November, thecountry earned 14.61 billion USD from footwear shipments and 3.07 billion USDfrom the export of suitcases and bags, up 10.9 percent and 3 percent from ayear earlier.
The 11-month exports of 17.68 billion USDincreased by 8.4 percent year on year. Up to 13.97 billion USD, or 78.8percent, of the revenue was contributed by foreign-invested businesses.
Vietnam has shipped footwear products to morethan 100 countries, she noted, adding that the five biggest markets of the US,the EU, China, Japan and the Republic of Korea make up over 82 percent of totalfootwear exports.
Footwear shipments to the US have risen by some10 percent, and to China, the Republic of Korea and Japan by over 20 percent,mainly thanks to free trade agreements (FTAs) with these markets.
They are also major destinations of Vietnamesesuitcases and bags. However, exports of these items has declined due to strongcompetition with other countries, Xuan noted.
She said the sector targets about 21.5 billionUSD in export turnover next year, when consumption demand in major markets isforecast to remain strong.
Additionally, footwear and bag manufacturingorders will continue to be shifted from China to Vietnam to wait for opportunitiescreated by the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), taking effect in early 2019, and the EU-Vietnam FTA, alsoexpected to become effective next year.
Foreign direct investment in footwear productionis predicted to keep climbing in 2019 to avoid impacts of the US-China tradetension and make use of FTAs coming into force.
Therefore, footwear exports are likely to risein 2019, Xuan added.-VNA
VNA
