Vietnam Exports US$1.75 Bln Worth of Shoes in Jan-May
Vietnam’s footwear industry reportedly shipped abroad US$1.75 billion worth of exports in the first five months this year, up 13.4 per cent on-year, according to the General Statistics Office.
May’s figure is US$380 million, a rise of 2.4 per cent on-year, the office said.
The Ministry of Industry and Trade warned that despite the gain, the industry still faces difficulties due to an anti-dumping lawsuit and spiraling price hikes, particularly, the price of materials.
The ministry urged the sector to take steps to improve export models, diversify products and expand markets.
However, economists said although footwear makers exported up to 90 per cent of their total output, their profit margins remained modest because they only implemented sub-contracts for international conglomerates.
Currently, Vietnam is the tenth biggest shoe exporter in the world. It also ranks second in shipping footwear to the EU behind China.
The country’s footwear industry has an annual average growth rate of 16 per cent and its export revenue is expected to reach US$4.5 billion this year and US$6.2 billion by 2010. (GSO May 2008, VNS)
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