Leather, footwear exports gain advantages in 2019
Vietnam’s leather and footwear sector is set to continue to thrive in 2019, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Vietnam’s leather and footwear sector is set to continue to thrive in 2019, according to the Vietnam Leather, Footwear and Handbag Association (Illustrative photo: laodong.vn)Hanoi (VNA) – Vietnam’s leather and footwear sector is set to continue to
thrive in 2019, according to the Vietnam
Leather, Footwear and Handbag Association (LEFASO).
In 2018, footwear and leather exports hit nearly 20 billion USD, a rise of 8.3 percent year-on-year.
The US remained Vietnam’s largest export market with more than 6.5 billion USD, followed by the European Union market (more than 5 billion USD) and China, Japan and the Republic of Korea.
LEFASO Chairman Nguyen Duc Thuan said demand in Vietnam’s major markets will remain high in 2019. Tariff lines within ASEAN have been eliminated and there are plans to cut tariffs via free trade agreements with other markets, moves which will drive for the sector’s growth.
Meanwhile, orders in leather, footwear and handbags are likely to shift from China to Vietnam as China has cut investment incentives for the garment and footwear sector, in addition to opportunities from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU- Vietnam Free Trade Agreement (EVFTA), which is hoped to be inked this year, said LEFASO Vice Chairman Diep Thanh Kiet.
Foreign investment in Vietnam in leather and footwear is projected to rise due to US-China trade tension. It is important for Vietnamese firms to take advantage of the opportunities to bolster productivity and exports, Kiet noted.
LEFASO forecasts showed that in 2019, the leather and footwear sector is expected to earn 21.5 billion USD from exports, accounting for 9 percent of Vietnam's total exports and being among 10 leading export items of the country.-VNA
In 2018, footwear and leather exports hit nearly 20 billion USD, a rise of 8.3 percent year-on-year.
The US remained Vietnam’s largest export market with more than 6.5 billion USD, followed by the European Union market (more than 5 billion USD) and China, Japan and the Republic of Korea.
LEFASO Chairman Nguyen Duc Thuan said demand in Vietnam’s major markets will remain high in 2019. Tariff lines within ASEAN have been eliminated and there are plans to cut tariffs via free trade agreements with other markets, moves which will drive for the sector’s growth.
Meanwhile, orders in leather, footwear and handbags are likely to shift from China to Vietnam as China has cut investment incentives for the garment and footwear sector, in addition to opportunities from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU- Vietnam Free Trade Agreement (EVFTA), which is hoped to be inked this year, said LEFASO Vice Chairman Diep Thanh Kiet.
Foreign investment in Vietnam in leather and footwear is projected to rise due to US-China trade tension. It is important for Vietnamese firms to take advantage of the opportunities to bolster productivity and exports, Kiet noted.
LEFASO forecasts showed that in 2019, the leather and footwear sector is expected to earn 21.5 billion USD from exports, accounting for 9 percent of Vietnam's total exports and being among 10 leading export items of the country.-VNA
You should also see
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
See more
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
Business
Vietnam needs drastic reforms to create firm ground for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
Business
Dak Lak firm pioneers in following EUDR in coffee production
The Dak Lak September 2 Import-Export Company Limited (Simexco) has pioneered in building coffee growing areas following the EU Deforestation Regulation (EUDR), it announced on April 25.
Business
Dong Nai calls for Korean investment into green growth
The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.
Business
Vietnam ranks fifth among aquatic product suppliers for Singapore
Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.
