Vietnam – a potential market ranks tally on footwear industry in the world
In 2016, General Statistics Office of Vietnam recorded that Vietnam’s total production of footwear was 1.2 billion pairs, the third in the world. Moreover, the index number of industrial production of leather and footwear sector in the first 6 months of 2017 has increased by 5.9% over the same period of 2016.
According to the 2017 Vietnam's Ministry of Industry and Trade’s revised plan for industry development till 2035, the government will mainly develop the leather and footwear industries as one of the country's key export industries and maintain its position. Moreover, the sector's annual production value is expected to grow by 11.62% in the 2016-2020 period, 8.87% in the 2021-2025 period and 6.04% in the 2026-2035 period.
Benefiting from dozen of free trade agreements, Vietnam has advantages to export the leather goods and footwear to over 50 countries among Asia, Europe and other regions. In 2016, 16.2 billion U.S. dollars has earned by leather and footwear exports, about 10 % of Vietnam’s total export value. The ministry forecasts the export revenue of the leather and footwear industry will hit 17.88 billion U.S. dollars in 2017.
Free Trade Agreement in effect
- ASEAN-Australia and New Zealand Free Trade Agreement
- ASEAN Free Trade Area
- ASEAN-India Comprehensive Economic Cooperation Agreement
- ASEAN-Japan Comprehensive Economic Partnership
- ASEAN- Korea Comprehensive Economic Cooperation Agreement
- ASEAN-People's Republic of China Comprehensive Economic Cooperation Agreement
- Chile-Viet Nam Free Trade Agreement
- Japan-Viet Nam Economic Partnership Agreement
- Korea-Viet Nam Free Trade Agreement
- Viet Nam - Eurasian Economic Union Free Trade Agreement