Production of footwear for export to the EU. Viet Nam expects to gain US$24 billion from footwear and bag exports this year. — VNA/VNS Photo Bui Van Lanh 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 Viet Nam Leather and Footwear Association (Lefaso). The industry’s industrial production index in 2020 would increase by about 11 per cent and the localisation rate of products would hit 60 per cent, she said. The industry’s footwear and bag export value was forecast to reach US$24 billion this year, gaining 10 per cent compared to 2019. Xuan said this year, the US-China trade war as well as trade conflicts between the US and other trade partners such as Europe and India would likely decrease, while the global economy would gradually recover. Besides that, orders for footwear and bag would continue shifting from China to Viet Nam to take advantage of preferential tariffs from free trade agreements, she said. Therefore, Lefaso forecast that the demand for local footwear products in Viet Nam’s main export markets would increase this year. Foreign direct investment (FDI) enterprises… Read full this story
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