Vietnam: Leather and Footwear Sector Targets $29 Billion in Exports
January 6, 2025 – Vietnam’s leather and footwear industry has ambitiously set its sights on achieving an export target of US$29 billion for this year, marking a 10% increase from the previous year. This optimistic milestone was recently announced by the Vietnam Leather, Footwear, and Handbag Association, an organization representing businesses within this vital sector.
The industry plays a significant role in Vietnam’s economy, remaining a strong component of the country’s foreign trade despite global challenges that businesses worldwide are facing. The growth of this sector is attributed to its continuous innovation and commitment to using sustainable materials, which not only enhances economic growth but does so in a responsible and sustainable manner.
Vietnam’s leather and footwear industry is gaining recognition around the globe for its quality products and competitive pricing, continually meeting the demands of international markets. The ability to adapt and innovate in the use of materials has been key in maintaining the sector’s competitiveness on the global stage.
The emphasis on sustainability within the industry not only caters to current consumer trends that favor eco-friendly products but also ensures that Vietnam remains an attractive sourcing destination for global brands that prioritize environmental responsibility. This approach is gaining increasing importance among consumers and businesses alike, as the trend toward green consumerism grows.
In setting their export target for the coming year, stakeholders within Vietnam’s leather and footwear sector are optimistic about expanding their market reach. The sector plans to capitalize on existing free trade agreements which have facilitated easier access to several major markets, including the European Union and countries within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Key to achieving these targets will be the ability to maintain high standards of production and to respond swiftly to international demand. This requires a robust supply chain and continued investment in technology and workforce skills development, ensuring that Vietnamese products remain competitive in terms of both quality and cost.
Additionally, the association has called for enhanced collaboration between the government and industry players to overcome challenges and seize new opportunities presented by the global market. Supportive policies and initiatives that can facilitate international trade, reduce production costs, and enhance the sector’s competitive edge are vital.
With these strategies, the Vietnamese leather and footwear sector is poised not just for growth, but for becoming a global leader in sustainable and innovative production practices. This potential for growth presents significant opportunities not only for the sector but for the wider Vietnamese economy as a whole.
The future looks promising as the industry continues to harness its strengths and navigate challenges, contributing to Vietnam’s growing reputation as a powerhouse in the global leather and footwear markets.
Through sustained efforts toward innovation and sustainability, Vietnam’s leather and footwear sector is well-positioned to achieve its ambitious export targets and establish a stronger presence in the global market, driving economic growth and creating more job opportunities within the country.
