Vietnam’s footwear exports up by 11%

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The Asian country continues to step up its footwear exports, while it absorbs some of the business moving away from China. Double digit growth registered in the first nine months of the current year.

In the first nine months of the current year, Vietnam exported nearly 11.8 billion US dollars’ worth of footwear, a 10.5% increase over similar period in 2017, according to data released by the Vietnam Customs Office.

The upward trend is expected to continue, with Vietnam taking advantage of the increasing production costs in China and estimates by Lefaso, the Vietnam Leather, Footwear and Handbag Association point out to an increase of 9.0% in the whole year compared to total footwear exports in 2017.

According to the latest edition of the World Footwear Yearbook (available here), in 2017 Vietnam produced 1.1 billion pairs of shoes (a share of 4.7% in worldwide production), taking the third position as the largest producing country. In 2017 Vietnam was the second largest exporter of footwear with a 7.1% share (1.0 billion pairs) behind China (9.7 billion pairs; 67.5%).

 

Photo by chuttersnap on Unsplash.

 

Source: www.worldfootwear.com