As the US market accounts for 30% of Vietnam's total export turnover, the imposition of a reciprocal tariff of up to 46% will heavily impact many industries in Vietnam.

The leather and footwear industry aims for an export growth rate of 10% in 2025, with total turnover projected at 29 billion USD, heard a conference hosted by the Vietnam Leather, Footwear, and Handbag Association (LEFASO) in Hanoi on January 3.

Vietnam's footwear and leather industry is poised to achieve 26-27 billion USD in export in 2024, marking a 3 billion-USD increase from the previous year, as they country has well capitalised on the signed free trade agreements to bolster shipment, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).

Export revenue of the leather, footwear and handbag sector is predicted to hit 26-27 billion USD in 2024 on the basis of the positive results seen so far, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).

2024 will continue to be a challenging year for the leather and footwear industry but there are still many prospects to increase exports this year, according to Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association (Lefaso) Phan Thi Thanh Xuan.

With orders secured for the second quarter, activities are in full swing in many leather and footwear production plants, bringing about the hope for a year of buoyant exports.

Vietnam's leather and footwear enterprises face many challenges in the remaining months of 2022, especially the lack of market information, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).

Surmounting the tensest period caused by the COVID-19 pandemic, a number of enterprises have regained growth momentum. However, rising input costs are affecting their performance.

The UK-Vietnam Free Trade Agreement (UKVFTA), which took effect in early 2021, has so far brought about positive outcomes for both countries, Deputy Director General Ngo Chung Khanh of the Ministry of Industry and Trade’s Multilateral Trade Policy Department has affirmed.

With 80 percent of workers returning to work in factories and abundant orders right from the beginning of the year, the footwear sector has seen bright prospects for this year.

Recent rumours spreading on social media on Nike’s moving production out of Vietnam to China and Indonesia are incorrect, stated Phan Thi Thanh Xuan, Vice Chairwoman and General Secretary of the Vietnam Leather and Footwear Association (Lefaso).

Vietnam’s garment-textile and footwear have borne the brunt of COVID-19 and firms in the sectors may take a long time to recover, experts said.

Thanks to the preferential tariffs under the EU-Vietnam Free Trade Agreement, footwear exports to the bloc’s 27 member countries increased by 19.2 percent year-on-year in the first quarter of 2021.

Vietnam's leather and footwear industry was on course for a strong recovery as more international fashion brands were valuing the country as an important part of the global supply chain, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).

An interactive video conference on “Promoting Vietnam - US Trade in Footwear Post COVID-19” took place in Washington DC on May 27 (US time) to connect Vietnamese producers and American distributors and retailers.

The footwear and handbag industry aims to reach export revenue of 24 billion USD in 2020, after hitting 22 billion USD last year, the industry association said.

The leather-footwear industry of Vietnam has established its foothold in the global market, but challenges are still lying ahead, requiring it to work harder to grasp big chances created by new-generation free trade agreements (FTAs).

The leather – footwear industry of Vietnam now has big opportunities thanks to FTAs, but to make full use of those deals, it needs to remove bottlenecks relevant to the supporting industry.

Vietnam’s export turnover from footwear products and handbags reached nearly 14.5 billion USD in the first eight months of 2019, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).

Vietnamese exporters, especially newcomers, must observe export regulations set by the European Union (EU).