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The export growth rate of the footwear industry in Vietnam is well on track to reach its $12 billion export target set for this year, it said.
From January to May, US, Japan and UK remained major export markets for Vietnamese footwear, with $946 million, $192 million, $170 million, respectively, in revenue. Germany came in fourth with $150 million.
The Vietnam Leather and Footwear Association (Lefaso) expects footwear exports to prosper due to the development of a competitive edge, the introduction of Generalised System of Preferences (GSP) taxes and the forthcoming signing of the Trans-Pacific Partnership (TPP) Agreement.
Lefaso encouraged domestic footwear producers to innovate their existing technologies to increase productivity as well as improve the quality of products.
Tran Ngoc Anh, director of two footwear production companies of An Thinh and Do Ba, said that 60 to 65% of his products were exported to the EU countries, while the remainder was shipped to other countries, which have yet to join the TPP.
For footwear companies, the preparation for TPP was not only their responsibility. Raw material suppliers also played a key role, as TPP required enterprises to source a certain ratio of raw materials locally, he explained.
The problem was to find enough raw material suppliers in the domestic market to take full advantage of TPP, he noted.
Not many domestic footwear producers could provide high-quality products with good designs as per the demands of TPP countries, Le Quang Doan, Director of Minh Dieu Co, which specialised in footwear production told a local newspaper.
General Secretary of HCM City Leather and Footwear Association, Nguyen Van Khanh, called on producers to make further investments in production expansion and technological innovation in an effort to catch up with all TPP opportunities.