Lefaso: Steady growth expected for 2020
Vietnam’s footwear and leather exports experienced steady growth throughout 2019, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso). The group now predicts an 11% rise for 2020.
Turnover in 2019 hit $22 billion, which was an increase of 12.2% from 2018. Lefaso pointed to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into effect in early 2019, as helping the sector expand into markets such as Mexico, Canada, Chile and Peru.
As a result, Lefaso said, Vietnam’s footwear products have reached into more than 100 countries, including 70 nations where export turnover stands at more than $1 million. These factors are behind Lefaso’s prediction that 2020 will see the sector’s average industrial production index rise by 11%, with an export turnover of $24 billion.
