Vietnam: leather and footwear industry aims for export growth boost
Phan Thi Thanh Xuan, the Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association (LEFASO), has told local media that the leather and footwear industry of Vietnam is expected to face challenges in 2024.
However, there are also prospects for an increase in exports this year. Despite a 15% decline in earnings from exports, the industry managed to earn almost 24 billion USD last year. Vietnamese footwear and handbags are available in 150 markets, with the US accounting for 35% of the market share, the EU 26%, and China 9%.
In 2023, exports to China saw an increase while the main export markets reported decreases.
Vietnam's leather and footwear industry is currently facing challenges in meeting the sustainable production requirements of import markets. Compliance with these requirements is necessary to participate in the supply chain. Therefore, upgrading technology and management, as well as improving worker skills, are crucial.
LEFASO has pledged to assist businesses in accessing financial resources, technological innovation efforts, and support for management and technical skills to meet the growing export market requirements
