Vietnam Eyes Footwear Exports of US$6.5Bln in 2010
Vietnam will obtain export earnings of around US$6.2-6.5 billion from footwear products in 2010, posting an annual growth of 16.7 per cent for the next five years, forecast the Ministry of Trade.
The major export markets for Vietnamese footwear in the coming years will be developed countries with huge purchasing power such as the US, the European Union (EU), Canada, Japan, Hong Kong, South Korea and Australia.
Regarding the US market, the ministry said Vietnam’s footwear export revenue last year accounted for only 3 per cent of the US’s annual footwear imports worth some US$20 billion. The country has targeted to raise the rate to 5 per cent (over US$1 billion) in 2010.
Similarly, the EU’s total footwear imports have reached more than US$29 billion over recent years while Vietnam’s exports to the EU made up only 7.3 per cent last year. The country expects to bring the ratio to 7.5 per cent (over US$3.2 billion) in 2010.
In addition, local shoemakers will also focus on other export markets like Indonesia, Malaysia, the Middle East, Africa, South Asia, Russia and Eastern European countries, the ministry added.
At present, the local leather and footwear industry is experiencing many hardships due to the EU’s punitive duties. In spite of this, the sector sees a strong growth of 22.3 per cent on-year, earning US$2.09 billion in the first seven months of 2006.
This year, the industry expects to earn some US$3.5 billion of export revenues, up 16-17 per cent against last year.
Vietnam Economic Times
Vietnamese
