Business

Vietnam’s footwear tops Brazil market

Vietnam has become the largest footwear exporter to Brazil, accounting for 52.8 percent of that country's market share.
Vietnam has become the largest footwear exporter to Brazil, accounting for 52.8 percent of that country's market share.

Vietnamexported 335.66 million USD worth of footwear to Brazil last year, theIndustrial and Trade Information Centre said, beating Indonesia, Chinaand Paraguay.

During the 2010-14 period, Vietnam's footwear exports to Brazil recorded an annual growth of 26 percent.

The country exported footwear worth 86.90 million USD to Brazil by the end of the first quarter of this year.

Vietnam, Indonesia, China and Paraguay, besides Italy are among the major countries exporting footwear to Brazil.

Theleather and footwear industries achieved a year-on-year increase of24.8 percent in output to touch 130.7 million pairs of footwear, and a19.5 percent rise in the export value of footwear to reach 4.6 millionUSD during the first five months of this year, said the Ministry ofIndustry and Trade.

The sector is expected to earn 13.5 billion USD to 14 billion USD in export turnover this year.

TheGeneral Statistics Office said some 55.7 percent of the footwearenterprises recorded a surge in export orders for the second quarter.

TheVietnam Leather, Footwear and Handbag Association (Lefaso) said theadvantages of the footwear sector at this moment were opportunities todraw export orders, particularly for large-scale businesses.

ViceChairman of Lefaso Diep Thanh Kiet said many businesses have woncontracts to export their products throughout the third quarter and evenin the fourth quarter of this year. Their key markets include theUnited States, Japan, Australia and South America.

The ministrysaid garments and footwear are two sectors that are expected to receivemany advantages from free-trade agreements (FTAs) in the future.

Expertssaid the footwear sector would have many growth opportunities in thefuture because most the country's export markets have joined FTAs.

GeneralSecretary of Lefaso Phan Thi Thanh Xuan said the impending FTAs and theTrans-Pacific Partnership (TPP) would attract new investments toVietnam's leather and footwear industry.

The agreements wouldpromote remarkable growth in export turnover in the coming years, as theensuing reduction in tariff barriers would make it easier for Vietnamto export to large markets, she said.-VNA
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