Vietnam’s leather and footwear exports exceed 14 billion USD in 7 months

Overseas shipments from Vietnam in the first seven months of 2022 accounted for more than $14 billion for the leather and footwear sector, an annual increase of 13%.

During the period, export earnings for North American and EU products grew by 24% and 17.5%, respectively.

The value of exports also recovered well in markets that signed a free trade agreement with Vietnam, for example, an 18.2% increase in exports to members of the Vietnam-EU FTA, and an increase 10.5% in the member markets of the CPTPP.

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Phan Thi Thanh Xuan, vice president of Vietnam’s leather footwear and bags industry, said the sector will face opportunities and challenges in the remaining months of the year.

Vietnam’s major export markets, such as the EU and the US, are seeing reduced consumption, which has an impact on purchasing power, he added.

The value of exports also experienced a good recovery in the markets that signed a free trade agreement with Vietnam

Vietnam earned US$20.78 billion from leather and footwear exports in 2021, up 4.6% from 2020, including US$17.77 billion from footwear alone, up 6.1%.

Several world-famous brands, such as Nike, Adidas, Reebok and Puma, have chosen Vietnam as a destination for outsourcing and establishing production bases.

Article republished from the Vietnamese state media VNA as part of an agreement between both parties to share content. Link to original article: https://en.vietnamplus.vn/vietnam-s-leather-footwear-exports-exceed-14-billon-usd-in-7-months/236320.vnp