Vietnam Footwear Targets Export Revenue of US$6.2Bln in 2010

Vietnam’s footwear sector is set to produce 720 million pairs in 2010, raking in total revenue of US$6.2 billion from exports, said Bui Xuan Khu Deputy Minister of Industry and Commerce.

 

To realize the target, the country will invest VND9.2 trillion (US$572 million) into the sector’s development plans.

 

The country will invest VND600 billion (US$37.5 million) in tanned leather projects in three modern processing centers namely Hanoi, Ho Chi Minh City and Danang with an aim to boost output and production quality, said the Vietnam Leather and Footwear Association (Lefaso).

 

Private investment into the leather industry will be significantly encouraged, Deputy Minister noted, saying that the country now has to import 80 per cent of its total raw leather demand of 300 million spft a year.

 

Trade and investment promotion activities will also be enhanced both in domestic and foreign markets, he added.

 

Vietnam’s footwear sector is estimated to ship 251 million pairs of shoes, raking in US$1.95 billion in the first half of this year, up 11.8 per cent on year in terms of volume and 11.4 per cent in terms of value, said statistic from government office (GSO). The industry expects to obtain US$4 billion in export revenues this year, a rise of 15 per cent on-year. (Vietnam & World Economy)