Vietnamplus

Export revenue of the Mekong Delta province of Kien Giang is estimated to reach 731 million USD in 2021, a rise of 7.17 percent year on year.

The Mekong Delta province of Kien Giang earned over 526 million USD in export value in the first nine months of 2021, meeting over 70 percent of the year’s plan and posting a year-on-year rise of nearly 2 percent, according to the provincial Department of Industry and Trade.

Vietnam has rolled out the red carpet for foreign investors, including those from ASEAN member states, to land investment in the field of advanced medical equipment, said Counselor Nguyen Manh Hung at the Vietnamese Embassy in Germany.

Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.

Vietnam’s leather and footwear export saw rosy signs in the first quarter of this year compared with the same period last year, with footwear export turnover reaching 4.74 billion USD, up 13.5 percent.

Domestic leather and footwear firms have no choice but to convert their production activities as difficulties are expected to linger through this year due to the impact of the COVID-19 pandemic, experts have said.

Vietnam’s footwear sector is now beginning to see positive signs after export revenue for footwear and handbags fell 11 percent year-on-year to 19.5 billion USD in 2020, making it one of the sectors hardest hit by COVID-19.

The COVID-19 pandemic will continue creating trouble for the leather-footwear sector in Europe and the US – its key markets for export, in 2021, the Sai Gon Giai phong newspaper reported, citing experts’ opinions.

Although the market has not fully recovered, footwear and handbags export turnover is expected to return to growth in the fourth quarter of this year during the year-end shopping rush in European and American countries.

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).

The leather and footwear industry is finding new supply and demand sources to overcome difficulties due to the impact of the COVID-19 pandemic.

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 joint statement on a cooperation initiative to address COVID-19 impacts on workers and businesses of the textile-garment and leather- footwear-handbag industries in Vietnam was signed in Hanoi on June 22.

Close to 400,000 workers in the Indonesian leather and footwear industry are foreced to stop working due to the COVID-19 pandemic, according to preliminary statistics.

To develop the support industry for the leather and footwear sector, the State should have policies to encourage the development of new materials, according to the Vietnam Leather and Footwear Association (Lefaso).

The COVID-19 pandemic has been hitting Vietnam’s leather and footwear businesses since the first quarter of the year.

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).

In 2019, footwear and leather export will reach the target of 22 billion USD, up 12.2% compared to 2018.

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.