Vietnam'S Footwear Exports Speed Up

Vietnam attaches great importance to the construction of the industrial development environment, and encourages the development of high-tech industrial zones, manufacturing industries, software industries and other industrial areas, as well as the development of open economic zones and special economic zones.

Encourage and create conditions for enterprises with various components to invest in the fields of daily product grade export products and production of important means of production, and give priority to attracting investment from economic groups and pnational corporations in petroleum, chemical, smelting, building materials and other fields.

A number of preferential policies have become industrial development thrusters.

Vietnam has become Vietnam's most valuable investment area.

According to the Ministry of investment and planning of Vietnam, as of August 2007, Vietnam's industrial zones had absorbed 24 billion 200 million US dollars in foreign direct investment.

Among them, baterton Province, Pingyang Province, Nai and Hu Zhiming provinces occupy the top four places in the national industrial zone, absorbing 213 foreign investment projects, and the agreement has invested 2 billion 570 million US dollars.

Textile products have become one of the most competitive industries. From the perspective of the growth rate of industrial output value, Vietnam's industrial output increased by 17% in 2006, exceeding 2 figures in 16 consecutive years, and the industrial output value increased by nearly 8 times compared with 1990, with an average annual growth rate of 14.7%.

In order to complete the industrial development plan for 2010 2005, Vietnam formulated the specific development indicators for key industries in 2010 in 2007.

The index shows that Vietnam's textile industry has reached 313 thousand tons of yarn and 11 million tons of cloth, with a domestic rate of 47% and 31% respectively, with an export volume of US $10 billion, and footwear production of 720 million pairs, which meets the domestic demand of 86% and exports US $6 billion 500 million, becoming one of Vietnam's most competitive industries.

Vietnam's textile industry has always been regarded as one of the most important industries in Vietnam. Its industrialization and development speed are at the forefront of industrial products, and it also solves the employment problem of 2 million workers, especially Vietnamese women.

The textile industry has considerable export potential and plays an important role in the export structure of Vietnam, and has made important contributions to exports.

Textile exports have achieved an average growth rate of 20% over the past 6 years.

In 2005, Vietnam's textile exports amounted to 48.3% billion US dollars, and increased to 5 billion 900 million US dollars in 2006, accounting for 14.9% of exports.

In 2006, Vietnam's textile exports to the United States increased by 6.1% to 3 billion 40 million US dollars, and exports to the European Union reached US $1 billion 960 million, an increase of 12%. The export volume to Japan was US $628 million, an increase of 4%.

According to the latest data, Vietnam textile exports amounted to US $5 billion 805 million in 1~9 months in 2007, an increase of 31% over the same period last year.

According to Vietnamese textile operators, the Vietnamese textile industry's target is: in 2010, the domestic export rate of accessories was 50%, and the textile exports amounted to 10 billion ~120 billion dollars; in 2020, the domestic export rate of accessories was 75%, and the textile exports amounted to 20 billion ~220 billion dollars.

Vietnam's textile export target in 2008 was US $9 billion 450 million, exceeding the target of US $7 billion 740 million of crude oil exports, and will become the biggest winner of Vietnam's export commodities earning foreign exchange.

Speed up the development of Vietnamese footwear exports of footwear products can be described with the speed of progress. In a short span of 10 years, footwear has become an important export commodity for Vietnam.

According to the latest statistics from the Ministry of industry and Commerce in Vietnam, the export of Vietnamese footwear products amounted to US $3 billion 190 million in 2007 1~10, and the target of export of footwear products in 2007 was 80% of US $4 billion.

Vietnam's Ministry of industry and Commerce said that footwear exports in 2008 will exceed US $5 billion.

At present, Vietnam has more than 380 footwear enterprises, including small and medium-sized enterprises that produce leather products, providing about 500000 jobs. Vietnam's footwear exports amounted to 3 billion 600 million US dollars in 2006, with a growth rate of 18%, mainly exported to the European Union, Japan and the United States.

Vietnam has become the fourth largest export footwear country after China, Hongkong and Italy.

Vietnam's footwear exports grew faster in China, and Vietnam exported $42 million 50 thousand of footwear products to China in 2006, an increase of 48.2% over the same period last year.

In the first 7 months of 2007, 4 million 400 thousand pairs of footwear products were exported to China, with an export volume of US $33 million 870 thousand, representing an increase of 54% and 62.4% respectively over the same period last year.

Among them, the export of cortical sports shoes grew fastest, exports amounted to 1 million 114 thousand and 500 pairs of shoes, exports increased by 3 million US dollars over the same period last year; the largest exports were tennis shoes and basketball shoes, accounting for 27.2% of China's total export footwear products.

In order to ensure the sustained and fast export of footwear products, the Ministry of industry in Vietnam has recently proposed measures to expand footwear exports: updating product styles, enriching export products, selecting high value footwear products orders, increasing trade promotion activities for key footwear international markets, and strengthening joint collaboration among enterprises so as to quickly accomplish large orders and achieve maximum economic benefits.