There is encouraging news from the Vietnam Leather Footwear and Luggage Association (Lefaso) that thanks to the advantages of the Free trade agreement signed by Vietnam, the leather industry is fully driving export growth. It is estimated that Vietnam's exports of footwear and luggage products are expected to reach $26 billion to $27 billion in 2024, an increase of $3 billion compared to 2023.
Ms. Phan Thi Thanh Choon, Vice President and Secretary General of the Vietnam Leather Footwear and Luggage Association, pointed out that Vietnam currently ranks third in the world's footwear producers, second only to China and India, and ranks second in the world's footwear exporters. The Vietnamese leather industry continues to cultivate major export markets, which account for 97.3% of total exports. Among them, the North American market accounted for the largest proportion, footwear and luggage products accounted for 41.4% and 47% respectively; The EU market followed closely, with footwear and luggage products accounting for 29.5% and 25.4%, respectively; The Asian market accounted for 22.2% of footwear exports and 24.5% of luggage exports.
According to statistics, Vietnam's 16 major markets for footwear exports, including the United States, China, Japan, Belgium, the Netherlands, Germany, the United Kingdom, South Korea, Canada, France, Spain, Italy, Australia, Mexico, the United Arab Emirates and China Taiwan, accounted for 88.4% of the total exports of the industry.
Ms. Pan also stressed that the biggest challenge facing the Vietnamese leather industry is to meet the new standards set by the international market, which focus on sustainable production, ecological design and social responsibility. The change in market policy has had a profound impact on the leather industry enterprises. However, since the end of 2023, Vietnamese footwear exports have shown a strong recovery momentum, and many large enterprises have successfully signed export orders until mid-2025.
In order to take full advantage of the opportunities brought by the free trade agreement, experts recommend vigorously developing the auxiliary industry and raw material production of the domestic leather industry. The Vietnam Leather Footwear and Luggage Association proposed that the government support the establishment of industrial parks dedicated to the leather industry for the production of leather, technical fabrics, molds and auxiliary materials such as soles. This will not only help centralize production, but also better protect the environment.
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