Vietnamese canvas shoe exports outstrip China's

Monday, November 15, 2021  14:52

VOV.VN - With the average growth rate of the footwear industry throughout the 2016 to 2019 period increasing by 12.1% annually, Vietnam ranked second in the world in terms of footwear exports, surpassing China to become the largest exporter of canvas shoes. 

According to the Ministry of Industry and Trade, local footwear products have been exported to over 150 markets globally, including the United States, the EU, China, Japan, and the UK.

The US remains the largest importer of Vietnamese footwear of all types, accounting for more than one-third of the total export turnover for the entire industry.

Before 2020, footwear exports to the US market consistently maintained a positive growth rate in turnover with an average growth rate of 13% per year during the 2015 to 2019 period.

Due to the adverse range of impacts caused by the COVID-19 pandemic, Vietnamese footwear export turnover in the third quarter of the year fell by 47.4% to US$2.925 billion in comparison to the second quarter, dropping by 26.9% against the same period from last year.

Despite this, export growth in the opening months of the year has seen the total export turnover of footwear products surge by 9.7% to reach US$13.31 billion during the opening nine months of the year.

With the US moving to lift preferential policies for footwear exports from China, India has stepped in to offer favourable competitive opportunities for Vietnamese footwear exports in the demanding market, according to experts.

With regard to the EU market, the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) can also be considered the most significant driving force for the growth of the local footwear industry in recent years.

Footwear exports to the EU market have gradually recovered, with local footwear products enjoying comparative advantages over regional countries such as China, Myanmar, India, and Cambodia.

Experts have also pointed out that with the world's major economies, such as the US and the EU reopening, the consumer market is forecast to see strong recovery. This will therefore offer an opportunity for Vietnamese leather and footwear exports to regain growth momentum moving forward.

VOV