Vietnam: Footwear industry targets 20% growth in 2016
Press in Vietnam have reported that the footwear industry expects a 20% growth in exports this year, due to a number of new Free Trade Agreements including the Transpacific Partnership (TPP).
"To take advantage of those agreements, the local leather and footwear industry should prepare material at home to join preferential tariffs from the deal when exporting their products to the US, the European Union and some other markets," said Deputy Minister of Industry and Trade Ho Thi Kim Thoa at a meeting with Viet Nam Leather and Footwear Association (Lefaso).
Exports of footwear grew around 16% in 2015 to $12 billion.
The Footwear Retailers and Distributors of America has said Vietnam’s inclusion in the TPP cannot be underestimated in terms of a shift of sourcing from China. Many big sports brands already have suppliers in the country and companies such as Wolverine have pledged to increase orders.
See WSA Jan-Feb 2016, available to subscribers as an ezine, for a look at further consequences of the TPP for the footwear sector. Articles are available as pdfs to non-subscribers for £1 from the Technical Library.
