Export turnover of leather and footwear is likely to rise again in the fourth quarter of this year, according to the Ministry of Industry and Trade (MoIT).
Vietnam's leather and footwear industry was on course for a strong recovery as more international fashion brands were valuing the country as an important part of the global supply chain, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Leaders of banks predicted bad debts will not only cause bad impacts in the short term but also in the long run when the COVID-19 pandemic is pushed back, especially in 2021.
Footwear exports this year are unlikely to hit the target of 24 billion USD because of the fallout of the COVID-19 pandemic, according to the Ministry of Industry and Trade.
Armed with experience from coping with the first wave of the COVID-19 epidemic, many textile and footwear enterprises are quietly confident they can alter their plans as required and find new markets to cope with the second.
The COVID-19 pandemic is not only a big test for enterprise resilience but also an opportunity for businesses to re-evaluate their long-term strategy and urgency of sustainable development.
The Vietnam Trade Promotion Agency (Vietrade) is able to coordinate with and create the necessary conditions for Vietnamese and Dutch companies to enhance business links, Vietrade Deputy Director Le Hoang Tai has said.
Vietnam-US relations have reaped various important achievements since the establishment of bilateral diplomatic ties 25 years ago, across all fields of politics, diplomacy, trade, investment, science-technology, security-national defence, education-training, culture and people-to-people exchange.
Vietnam’s leather and footwear industry should improve its supply chain performance to take advantage of the milestone trade deal that the country has signed with the EU and to recover from the effects of the COVID-19 crisis, speakers said at a recent international footwear conference.
A conference discussing measures to fully tap into opportunities brought about by the EU-Vietnam Free Trade Agreement (EVFTA) and support Vietnamese enterprises in promoting post-pandemic development was held in Hanoi on June 29.
Footwear exports to the US have been forecast to struggle in the remaining months of this year due to falling demand, though it recorded a 10 percent increase in revenue in the first quarter of the year.
An interactive video conference on “Promoting Vietnam - US Trade in Footwear Post COVID-19” took place in Washington DC on May 27 (US time) to connect Vietnamese producers and American distributors and retailers.
Garment-textile and footwear enterprises are seeking material supplies from markets besides China amid the complicated developments of the acute respiratory disease caused by SARS-CoV2 (COVID-19).
The Ministry of Industry and Trade (MoIT) has recently hosted a meeting to seek solutions to help businesses bolster production and export amid the complicated developments of the acute respiratory disease caused by the novel coronavirus (nCoV) and difficulties caused by the disease.
The domestic leather and footwear industry was in good shape to reach its goals this year, according to Phan Thi Thanh Xuan, Vice Chairwoman and General Secretary of the Vietnam Leather and Footwear Association (Lefaso).
Vietnamese “billion-US dollar” exports items brought home only 19 billion USD in January, a year-on-year fall of 14.3 percent, according to the latest data from the General Statistics Office of Vietnam.
The footwear and handbag industry aims to reach export revenue of 24 billion USD in 2020, after hitting 22 billion USD last year, the industry association said.
The leather-footwear industry of Vietnam has established its foothold in the global market, but challenges are still lying ahead, requiring it to work harder to grasp big chances created by new-generation free trade agreements (FTAs).
The leather – footwear industry of Vietnam now has big opportunities thanks to FTAs, but to make full use of those deals, it needs to remove bottlenecks relevant to the supporting industry.
Business
XIII National Congress of Communist Party of Vietnam
