Massive demand anticipated in leather & footwear sector
07 Jan '06
2 min read
Vietnam's leather-footwear industry reported encouraging export turnover during 2005. Last year, it logged in $3.3 billion in export earnings and is set to better this figure to $3.7 billion, this year,
Demand for leather at footwear factories has almost doubled from 14.8 million square feet in 1998 to 27.8 million square feet in 2005.
The industry will require 46.4 million square feet of leather by 2010, each year.
Domestic tanneries have the capacity to meet only 20 percent of national demand according to statistics issued by the Ministry of Trade.
The footwear industry achieved export turnover of $2.17 billion during first ten months of 2004, an increase of 17.6 percent, compared to the same period, the previous year.
Vietnam Leather and Footwear Association (LEFASO) reports footwear export turnover to reach $2.9 billion this year, a rise of 13.6 percent compared over last year.
Sport shoes export will make up 48.3 percent of the total exports, valued at $1.4 billion. The European Union (EU) market accounted for over 65 percent of Viet Nam's footwear exports.
Vietnamese leather and footwear enterprises reported they had ample evidence to support their claim against the anti-dumping lawsuit brought on by European Commission.
The verdict called for imposition of a massive 130 percent tariff on Lefaso's products, affecting around 1 million employees of the industry.
Laura Atlee, Lefaso's lawyer claimed that EC inspectors were not able to comprehend Viet Nam's accounting and auditing norms, along with the Land Law and Viet Nam's Law on Foreign Investment, it was reported.
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