Vietnam footwear industry needs investment to achieve aims
Vietnam’s footwear industry is in need of huge investment in machinery and technology, according to Deputy Minister of Industry, Bui Xuan Khu. His statement came shortly after International Shoe & Leather Exhibition in Ho Chi Minh City on July 3.
Khu commented that the current machinery, which was mostly manufactured in China, Taiwan or Korea in the past, has now become obsolete.
The importance of investment is made more salient with Vietnam’s ambitious plans for its footwear industry. The industry has set out ambitious plans to generate some US$7 billion in export earnings by the end of the decade, as against the $1.5 billion currently.
Khu stated that the industry had recently submitted a development plan for up to 2010, mainly focusing on big acquisition schemes, the general targets to raise export earnings to $3.1 to $3.5 billion by 2005 and $6.5 to $7 billion by 2010.
