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MOIT sets ambitious target for EU footwear market
16
Jan '08
The Ministry of Industry and Trade (MOIT) recently set up a very ambitious 2008 target for the export of footwear to the EU, which is one of the biggest markets.

The EU, which is worth US $29 billion footwear products annually, has remained the second biggest buyer of Made–in–Vietnam shoes for years, just after the US. Among the countries in the block, the key importers are Germany, UK, France, Netherlands and Belgium.

Keeping this in mind, Vietnam's industry expects to earn $2.7 billion from this giant market, representing a 26 percent growth in comparison to 2007.

In 2007, Vietnam exported $2.1 billion turnover of shoes and related products to this market, represented a year–on–year rise of 8 percent and accounting for 7.2 percent of total consumption of the region.

However, the footwear market of Vietnam burdened with few obstacles. The European Community has levied anti–dumping lawsuit on 33 product categories sourced from Vietnam, which has started hampering the exports and production of local enterprises.

In addition, the country needs to import many key materials for manufacturing footwear products and the sector is weak in adopting new innovations and designs. Further, this industry lacks proper promotional methods and marketing strategies.

Fibre2fashion News Desk - Vietnam

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