Vietnam Leather, Footwear and Handbag Association (Lefaso) released a statement stating that Vietnam’s leather and footwear industry would continue to develop in coming years. Diệp Thành Kiệt, Lefaso’s deputy chairman, spoke at the two-day Vietnam Footwear Summit which opened in HCM City, said that export of the country of footwear and bags has risen from $16.2 billion in 2016 to US$18.1 billion in 2017. He said that the industry has the opportunity to grow.
He informed, “Vietnam has free trade agreements with most major markets like Japan, the Customs Union of Russia, Kazakhstan and Belarus, South Korea, and ASEAN in addition to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and an agreement with the EU.”
Vietnam consists of demographic ratio with 66.9 per cent that belong to the working age, thus there is abundance supply of skilled and cheap workforce. The country has the potential to supply enough materials for the footwear industry and has the ability to become a destination for more producers.
Kiệt said, “. “This is a big opportunity for the industry. If we continue to promote the export of high-value products, the industry will develop strongly.” A question was asked about the effect of US’s withdrawal from the TPP on the footwear industry, to which he replied that it would not affect much Vietnam’s footwear exports to the US.