HANOI (Xinhua) -- In 2017, Vietnam earned profit of more than $17.9 billion by exporting handbags, footwear and suitcases, which is more by 10.7% from 2016, informed the Vietnam Leather, Footwear and Handbag Association.
To be specific, the country earned $14.7 billion by footwear export up by 12.8% and close to $3.3 billion by exporting handbags and suitcases, up by 2%.
In 2017, the biggest footwear and handbag market of Vietnam was U.S. with turnover exceeding $5.8 billion, followed by European Union - over $4.9 billion, China - nearly $1.2 billion, Germany - $1 billion, and Japan - approximately $1 billion.
Handbags and footwear of Vietnam are now available in more than 100 countries of the world. Out of which 72 countries import more than $1 million of products from Vietnam.
The association informed, “However, footwear and handbag producers in Vietnam currently face four challenges, namely high labor cost, difficulty in applying automation, return of protectionism in many countries, and fiercer competition with firms in foreign countries, especially Myanmar and Bangladesh.”
By the end of this year, Vietnam expects to reach its footwear and handbag export turnover more than $19.5-20 billion.