Footloose Forecasts in Vietnam

Footloose Forecasts in Vietnam

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Vietnam targets to earn around $20 billion from the export of footwear, bags and suitcases in 2018. Positive signs in the global economy and rising consumption demand would create favourable conditions for domestic firms in exports and investment. Lefaso chairman Nguyen Duc Thuan feels confident following an encouraging export performance last year, that the industry can achieve a positive market forecast for 2018.

Lefaso estimates the industry will grow by 5 per cent over last year, with the localisation rate reaching 55 per cent, according to a report by a Vietnamese news agency. Footwear will remain among the country’s top four exports and handbags will remain among the top 10.

In 2017, the sector managed to earn $18 billion from exports, up 10.7 per cent year-on-year amid the US withdrawal from the Trans-Pacific- Partnership. Of the total export value, footwear accounted for $14.67 billion, while bags and suitcases comprised $3.26 billion. The United States, the European Union, China, Germany and Japan were the largest export markets for Vietnamese footwear, bags and suitcases.