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  • Vietnam's footwear exports increased by 8.7% in May 2020
  • [Wednesday, 6-17-2020]
  •  Vietnam exported over $1.3 billion worth of footwear products in May 2020, a year-on-year rise of 8.7 percent, according to the official data of the General Department of Vietnam Customs on May 11, 2020.

    In the first five months of the year, the country's footwear export reached $6,69 billion, an decrease of 5,8% compared to the same period of 2019
    Made-in-Vietnam footwear products were present in more than 100 countries worldwide.
    The footwear exports to the U.S- the largest footwear consumer market of Vietnam were $440 million in May and $2,4 billion in five months. China is second consumer largest market with $165,4 millions in May and $723,8 millions in five months.
    Footwear exports to the US have been forecast to struggle in the remaining months of this year due to falling demand, though it recorded a 10 percent increase in revenue in the first quarter of the year.
    Footwear Distributors and Retailers of America President Matt Priest was quoted by Cong Thuong (Industry and Trade) online newspaper as saying that the COVID-19 pandemic caused unemployment in the US to rise and income to fall, hurting consumption.
    Demand for footwear products in the US saw declines in January-May and the downward trend was forecast to continue for the remaining months of this year, he said.
    He cited statistics that footwear sales in the US dropped by nearly 30 percent in March against the same period last year while footwear imports fell to the lowest level since March, 2017. Vietnam’s footwear exports to the US decreased by nearly 20 percent in April. He forecast it will be difficult to see a significant increase in Vietnam’s footwear exports to the US in the rest of this year.
    Still, there are opportunities for Vietnamese footwear producers to expand exports in the US.
    From 2003 to date, he said that while the US’s footwear imports from other countries saw downward trends, imports from Vietnam increased.
    After the COVID-19 pandemic, the global supply chain is being rebuilt with a trend of moving out of China. Figures showed China accounted for 90 percent of the US’ footwear market 12 years ago but now its market share was reduced to 7 percent and importers tended to look for more supply sources.
    Diep Thanh Kiet, deputy chairman of the Vietnam Leather, Footwear and Handbag Association, said that it is a difficult time for Vietnam’s footwear exports to the US due to low demand.
    The US market also has high requirements about corporate social responsibility and environmental protection in footwear production, urging producers to pay attention to these requirements to expand exports to the US. Kiet also said that producers must focus on designs and quality to satisfy consumers’ tastes.
    Source: Asemconnectvietnam.gov.vn

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