Want to be in the loop?
subscribe to
our notification
Business News
VIETNAM ACCOUNTS FOR 10 PER CENT OF GLOBAL FOOTWEAR EXPORTS
For the first time, Vietnam's share of world footwear exports has surpassed 10 per cent with 1.23 billion pairs of shoes exported in 2020, according to data by World Footwear Yearbook 2021.
Specifically, Vietnam ranks second in the world in terms of footwear exports. With this result, for the first time, Vietnam is now responsible for 10 per cent of world exports, an increase of 4.4 times compared to 2011.
Notably, Vietnam became the largest exporter of canvas shoes in terms of value, surpassing China. This is the first time since the publication of the World Footwear Yearbook that China does not take the lead in an export category.
A series of world-famous footwear brands such as Nike, Adidas, Reebok, and Puma have all been outsourced and produced in Vietnam in large quantities.
Vietnam has exported footwear products to more than 150 markets around the world with key markets in the US, EU, China, Japan, the UK, and others.
According to statistics from the General Department of Customs, Vietnam's footwear export turnover in the third quarter of 2021 reached $2.92 trillion, down 47.7 per cent compared to the second quarter of 2021 and down 26.9 per cent over the same period last year. The decline is attributable to the temporary factory closures to contain the largest outbreak in the southern provinces.
However, due to the high increase in footwear exports in the first months of the year, in the first nine months of 2021, Vietnam's total export turnover of footwear products reached $13.31 billion, up 9.7 per cent on-year.
Source: VIR
Related News
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.