The Vietnam Leather, Footwear and Handbag Association (LEFASO) foresees export revenue of the sector represented by the trade body to hit $26-27 billion this year.
In the first half (H1) this year, the sector’s exports exceeded $6.5 billion—up by 5.7 per cent year on year (YoY).
Vietnam has focused on five major markets—the United States, the European Union (EU), Japan, South Korea and China, and is working on expanding to other markets, especially those that have signed free trade agreements (FTAs) with the country, LEFASO vice president and general secretary Phan Thi Thanh Xuan was cited as saying by a domestic news agency.
The sector will focus on the mid- and high-end product segments in future.
However, stricter standards in green and sustainable development as well as traceability in major markets will make future tough for the sector, and therefore, exporters must adapt to the trend by investing in technology, she added.
Fibre2Fashion News Desk (DS)
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