Vietnam Maintains Position as Second-Largest Footwear Exporter Globally in February

Vietnam maintains its rank as the world's second-largest footwear exporter in February, with robust performance and ambitious growth projections ahead.
Vietnam Shoe Manufacturer

Vietnam, holding steadfast to its status as a significant player in the global footwear market, retained its position as the world’s second-largest footwear exporter in February, trailing only behind China. Recent figures released by the General Department of Customs indicate that Vietnam boasted a robust turnover of 1.17 billion USD during this period.

Despite facing a challenging environment, Vietnamese footwear products managed to reach more than 150 markets worldwide, commanding a remarkable 10% share of the global supply chain. However, there was a notable 40.3% decline in turnover compared to the preceding month.

During the initial two months of the year, Vietnam’s footwear industry amassed a total revenue of 3.1 billion USD, showcasing resilience amidst fluctuating market conditions.

Key markets such as the United States, the European Union, and the United Kingdom exhibited substantial growth, each recording increases exceeding 10%. Notably, the United States emerged as a pivotal market, contributing significantly to Vietnam’s footwear export performance with a turnover of 1.1 billion USD, reflecting a remarkable 25% surge year-on-year, and constituting over a third of the country’s footwear exports.

China, ranking as Vietnam’s second-largest buyer, demonstrated robust demand by purchasing over 318 million USD worth of footwear, marking an 11.4% upswing compared to the previous year. Belgium followed closely, with imports totaling 191 million USD, reflecting a solid 10% increase year-on-year.

Looking ahead, Vietnam has set ambitious targets for its textile, leather, and footwear industries through a comprehensive development strategy spanning until 2035. Under this strategy, Vietnam aims to achieve a footwear export turnover ranging between 27-28 billion USD by 2025 and further elevate it to 38-39 billion USD by 2030. The industry is forecasted to sustain a growth trajectory of 10-12% annually during the period from 2022 to 2026.

Vietnam’s enduring position as the world’s second-largest footwear exporter underscores its resilience and strategic prowess in navigating global market dynamics. With concerted efforts and forward-thinking strategies outlined in its development roadmap, Vietnam is poised to further solidify its foothold in the global footwear landscape, fostering sustained growth and economic prosperity in the years to come.

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