Leather industry anticipates favourable year in 2018
The leather-footwear industry expects a good year in 2018 thanks to several favourable factors, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Workers at My Phong Shoe Company in the southern province of Tra Vinh produce shoes for exports. (Source: VNA)Hanoi (VNA) - The leather-footwear industry expects a good year in 2018 thanks to several favourable factors, according to Secretary General of the Vietnam Leather, Footwear and Handbag Association (LEFASO) Phan Thi Thanh Xuan.
She particularly underlined the expected signing of the Vietnam-EU Free Trade Agreement (EVFTA) in mid-2018, under which Vietnam’s shoes products exported to the EU will enjoy a gap of 3.5-4.2 percent in tariff compared to other rivals.
Xuan elaborated that when the EVFTA takes effect, the tariff on Vietnam-made sport shoes, which account for two thirds of Vietnam’s footwear exports to the EU, will immediately come to zero. Handbag products will also enjoy a similar tariff rate.
“The rules on origin remain the same as those under the Generalised Scheme of Preferences (GSP), which is a favourable condition, so I am sure that the flow of orders to Vietnam will increase,” Xuan said, stressing that the question is how domestic companies work to optimize the opportunities.
In 2017, the sector earned 18 billion USD from exports, up 10.7 percent from 2016.
According to the latest statistics of the World Footwear Magazine in 2017, Vietnam continued to rank second among the top 10 largest footwear exporters, with 1.02 billion pairs of shoes, equivalent to 7.4 percent of the global footwear supply.
Export of Vietnam’s backpacks and handbags continued to rise, putting the country in the top five exporters of these products in the world today.
Backpacks and handbags earned Vietnam an estimated at 3.3 billion USD last year, accounting for 5.5 percent of global production
Vietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017.-VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
Business
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).
Business
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
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.
