Footwear exports likely to bounce back at year’s end
Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020, a year-on-year decline of 7.9 percent, according to the Ministry of Industry and Trade.
Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020 (Photo: VNA)
Hanoi (VNA) – Footwear exportswere estimated to hit 9.53 billion USD in the෴ first seven months of 2020, ayear-on-year decline of 7.9 percent, according to the Ministry of Industry andTrade.
The sector is among the hardest hit by theCOVID-19 pandemic, along with garment-textile and manufacturing. Europe is the leading export market ofVietnam’s leather and footwear, yielding nearly 6 billion USD annually and holdinga lion’s share of nearly 30 percent. As the EU-Vietnam Free Trade Agreement(EVFTA) took effect on August 1, footwear exports are expected to re-bounce inthe remaining quarters, offsetting losses in the beginning of the year./.
Footwear exports to the US have been forecast to struggle in the remaining months of this year due to falling demand, though it recorded a 10 percent increase in revenue in the first quarter of the year.
Vietnam’s leather and footwear industry should improve its supply chain performance to take advantage of the milestone trade deal that the country has signed with the EU and to recover from the effects of the COVID-19 crisis, speakers said at a recent international footwear conference.
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Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020 (Photo: VNA) 
