Vietnam to increase footwear and leather exports
Vietnam’s Ministry of Industry and Trade has revealed plans to diversify the country’s leather and footwear industry, according to a report by the China Leather Industry Association (CLIA).
The plan aims to shift the industry to a spearhead the country’s export industry, generating more jobs and enhancing Vietnam’s role in the world market. Footwear will remain the sector’s key product, with an estimated output of 1.6 billion pairs.
Priority will be given to building new industrial complexes to provide input materials for the industry, in an attempt to raise the percentage of domestic input materials to 60-65% in 2015, 75-80% in 2020 and 80-85% in 2025.
Under the plan, the sector aims to earn $9.1 billion from exports in 2015, $14.5 billion in 2020, and $21 billion in 2025.
To realise the plan, the sector requires more than $2.9 billion in investment, of which 43% will come from domestic funds.
2010 has seen strong growth in the domestic leather footwear sector, with an export turnover of $4.5 billion over the past 11 months, a 10% year-on-year increase.
