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Footwear sector needs to explore newer markets
28
Feb '08
The footwear industry of Vietnam is thriving, and substantiating this is the fact that export revenue from the sector has marked a year on year increase of 25.2 percent.

In the month of January, alone, exports from footwear earned US $300 million while January posted a record of $469 million.

However, Vietnam Leather and Footwear Association believes that in spite of a flourishing trade of domestic shoes exports, the industry is unlikely to benefit because of the negative factors like shortage of labor, materials and export markets.

Besides, Vietnam is facing stiff competition from rival countries like China who is also struggling hard to tap potential markets for its footwear products.

The association considers high-grade footwear production and trade promotion as the only solution to have a monopoly the international market.

As a consequence business is likely to expand from the parameters of EU to enter markets like the US, Japan, Taiwan and Eastern Europe.

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