The United States Will Replace The EU As The Largest Market For Vietnam's Footwear Exports.

According to TUOI TRE NEWS reported on Monday, the United States is likely to overtake the EU as the largest import market for Vietnamese footwear.

Media reports believe that because China's business environment no longer has a competitive advantage, many importers have shifted their orders to Southeast Asian countries, and Vietnam is the most important one.

Vietnamese customs statistics show that footwear products exported to the EU market account for more than 50% of Vietnam's total footwear exports, but last year the figure dropped to 35%. The share of exports to the US market has risen to 33%. Vietnam's total exports of footwear reached $8 billion 300 million last year.

Footwear distribution and distribution in the United States Retailers Association (Footwear Distributors and Retailers of America) chairman Matt Priest said that the value of Vietnam's exports to the United States has increased at an annual rate of 20%-21% since 2001.

From January to October this year, Vietnam exported $2 billion 670 million worth of footwear products to the United States, an increase of 22% over the same period last year.

One is located in Ho Chi Ming City Nguyen Chi Trung, head of footwear enterprises (Ho Chi Minh City), said the company is now close to the goal of exporting 3 million pairs of shoes this year. He also said that now 70% to 80% of shoes were exported to the United States, and in 2013 this figure was only 10%. The United States is our most important export market.

Famous American footwear industry Scott Thomas, the representative of Wolverine World Wide (Inc.), said that there are great changes in the company's suppliers. In 2007, 81.7% of the supply of footwear came from China, while Vietnam only had 10%. But last year, footwear imports from China dropped to 75% while imports from Vietnam increased to 14.5%. He added that in 2020, the company would import 35% of its footwear from Vietnam and 33% from China.

Insiders say that next year, after the signing of the trans Pacific Partnership Agreement (TPP), Vietnam's exports to the United States will grow more rapidly.