Figures newly released by Vietnam’s National Leather and Footwear Corporation (LEAPRODEXIM) reveal the extent to which the global slowdown has impacted on the sector.

So far this year, leather exports have only achieved 37% of their annual target and are 27% down on the same period last year. Even domestic footwear sales, which account for just 5% of the country’s total output, are down.

Despite the setbacks, the Corporation says it still intends to invest more than VND70.2 billion ($4.7 million) in seven projects this year, VND24.9 billion of which will be borrowed from a development support fund.

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