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High Point (NC), U.S.
24 April, 2021 -
Vietnam’s Ministry of Industry and Trade has announced a revised plan for the development of the country’s leather and footwear industry during a seminar held on April 7 in Ho Chi Minh City, Vietnam.
Under the revised plan announced by the Government, Vietnam aims to earn between US$24-26 billion from leather and footwear exports by 2020, according to local media reports. The plan is said to cover the industry developments until 2025 with a vision to 2035; its objectives include developing the leather and footwear industry at a high speed to maintain the sector’s position as one of the country’s key export earning industries, generate more jobs with improved incomes and implement better corporate social responsibility.
The sector’s annual production value is expected to increase 11.62% in the 2016-20 period, 8.87% in the 2021-25 period and 6.04 % in 2026-35 period. The revised plan also targets an annual export growth rate of 10-15% in the 2016-20 period, 8-9% in the 2021-25 period and 4-5% in the 2026-35 period, with export revenues expected to reach US$24-26 billion by 2020, US$35-38 billion by 2025 and US$50-60 billion by 2035.
Aiming to become less dependent on imports, Vietnam also targets raising the rate of domestic components in footwear products to 45% by 2020, 47% by 2025 and 55% by 2035.
Nguyễn Mạnh Khôi, Deputy Director of the Leather and Footwear Research Institute, told local media much of the plan has already been implemented, including upgrading equipment, and building new large-scale plants with advanced equipment and technology to raise the production capacity for the sector.
Exports of leather and footwear products reached US$16.2 billion in value in 2016, accounting for 10% of the country’s total exports. This figure is expected to rise to US$17.88 billion in 2017.
A full report on Vietnam’s leather industry, with exclusive interviews with tanneries and footwear manufacturers, can be found in the January/February 2017 edition of ILM. Please click here to obtain a digital or print copy.