The Vietnam Leather, Footwear and Handbag Association (LEFASO) held a meeting to review its activities in 2018 and set the goals for 2019. 

Vietnam has targeted an export turnover of USD21.5 billion for the footwear and bag export sector in 2019, up 11% on-year

According to the association, exports of footwear, suitcases and bags of all kinds were estimated at USD19.5 billion last year, up 8.3% on-year.

The US was the biggest importer in 2018 with USD6.5 billion, followed by EU with USD5 billion. They were followed by China, Japan and South Korea.

Nguyen Duc Thuan, chairman of LEFASO said that China has focused on investing on high-tech sectors, instead of garments and textiles.

Additionally, footwear and bag manufacturing orders will continue to be shifted from China to Vietnam for the possible opportunities created by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), taking effect in early 2019, and the EU-Vietnam FTA, also expected to become effective early this year. 

This year, footwear and bag export value is expected to reach USD21.5 billion, accounting for the country’s total export value in the year.

Footwear and bag products have been forecasted to be listed among top 10 spearhead exports of Vietnam in 2019.