Vietnam’s footwear export earns $1.3b in Q1

Vietnam’s footwear export continued to stand at the third position in turnover after garment and textile and crude oil, with an export turnover of $1.3 billion in Q1, 2011, Ministry of Industry and Trade (MoIT) reported.

The ministry attributed the rise of 29.7 percent in export turnover this year mainly to the increasing demand when the global economy recovered.

European Union (EU) continues to be Vietnam’s biggest buyer for footwear products with an export turnover of $356 million in Jan-Feb and followed by the US and Japan with $230 million and $54 million respectively. The country’s footwear export to China and Korea also posted good growth.

The country’s footwear export has showed recovery signals again since early this year when a series of exporters received the orders till the end of February 2011. According to the Vietnam Leather and Footwear Association (Lefaso), currently, enterprises are negotiating contracts for the last two quarters this year.

At present, Vietnam’s footwear products are being exported to 50 different countries, ranking at the fourth amongst top ten important exporters with key products such as sport shoes, leather shoes, canvas shoes and sandals.

Lefaso expects the country’s footwear export this year may reach $5.5 billion, higher than $5.12 billion in 2010, thanks to more favorable business conditions as well as the EU’s remove of antidumping tax on leather shoes on April 1.

The EU market accounts for 50 percent of the country’s total export turnover, of which, the leather shoe counts for 30 percent of the country’s total export turnover to this market. – Vietbiz24

Tags: Vietnam Footwear Exports