Vietnam's leather and footwear exports show growth
In the first seven months of 2022, Vietnamese leather and footwear exports grew by 13% compared to the same period last year and reached $14 billion. These results are in line with the Vietnam Leather, Footwear and Bags Association (Lefaso) forecast for this year, writes Worldfootwear.com.
Lefaso forecasts shoe and handbag export growth this year in the range of 10% to 15% to $23-25 billion. In 2021, Vietnamese exports of shoes and bags resumed their upward trend, up 4,6% year-on-year to $20,78 billion. Footwear exports alone rose 6,1% to $17,77 billion.
The Asian country has benefited from recent free trade agreements, such as the EU-Vietnam Free Trade Agreement that came into effect on August 1, 2020, and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) that came into effect at the end of 2018.
In addition, in recent years, Vietnam has become the largest manufacturing hub for leading brands such as Nike, adidas, Reebok and Puma. According to the World Footwear 2022 yearbook, more than 80% of the production and export of the leather and footwear industry is the result of foreign direct investment.
However, despite an increase in exports of Vietnamese products to the US and the EU during these seven months compared to last year by 24,0% and 17,5%, respectively, Vietnamese enterprises are concerned about the impact of rising inflation on consumer demand in these markets, as well as the prospect of a recession. . It is noted that demand in Europe, among other things, is affected by the depreciation of the euro against the US dollar.
In the first seven months of 2022, Vietnamese leather and footwear exports grew by 13% compared to the same period last year and reached $14 billion. These results are in line with expectations...
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