Vietnam's Footwear, Bag Exports to US Surpass $8 Billion in Eight Months

Vietnam's footwear and bag industry is experiencing robust growth, with exports to the US market surpassing $8 billion from January to August this year. This performance highlights Vietnam's increasing presence in the global market amidst ongoing supply chain restructuring. The Vietnam Leather, Footwear and Handbag Association (Lefaso) has urged for the accelerated development of the domestic supporting industry to reduce reliance on imported materials. It also proposed the establishment of strategic raw material reserves and trading platforms to enhance supply security. Statistics from the Ministry of Industry and Trade (MoIT) reveal that the localization rate of Vietnam’s textile and garment industry stands at only about half of the value chain, meaning a significant portion of production revenue is allocated to imported fabrics and other inputs. As global supply chains are undergoing restructuring towards diversification, sustainability, and digital transformation, Vietnamese Trade Counsellor to India, Bui Trung Thuong, noted that this presents an opportune moment for deeper cooperation between Vietnam and India to build integrated value chains and elevate product value. Vu Phong Lam, Research Professor at Chungnam National University, also suggested that Vietnam can draw valuable lessons from South Korea's smart agriculture development model. A primary objective of the "GoGlobal Programme" for 2026-2030 is to promote Vietnamese products not just by boosting raw exports, but by building stronger brands, increasing competitiveness, and establishing a lasting presence in international markets. This is expected to further solidify Vietnam's position in global trade. Key export products from Vietnam include rattan and bamboo products, sedge and wickerware, fine wooden furniture and handicrafts, ceramics, lacquerware, and textiles. Many products from traditional craft villages boast diverse designs and good quality, progressively enhancing their competitiveness in both domestic and international markets. Vietnam affirms its commitment to actively and responsibly participating in the WTO's agenda, supporting its coordinating role in promoting inclusive and balanced global trade for peace, cooperation, and development, while effectively responding to global challenges. Source: VietnamPlus English