Vietnam leather exports set for growth
The Vietnam Leather, Footwear and Handbag Association (LEFASO) forecasts that export revenue in the sector will reach $26-27 billion in 2024, following strong performance this year. In the first six months, exports exceeded $6.5 billion, a 5.7% increase from last year.
LEFASO Vice President Phan Thi Thanh Xuan noted Vietnam's focus on the US, EU, Japan, the Republic of Korea, and China, and aims to expand into markets with free trade agreements (FTAs). The sector plans to target mid- and high-end product segments.
Experts highlight Vietnam's competitive edge due to its FTAs, extensive industry, and cost-effective labour. However, stricter standards for sustainability and traceability in major markets pose challenges, requiring technological and financial advancements. Xuan urged firms to maximize the benefits of FTAs like the EU-Vietnam FTA and CPTPP to enhance exports.
