An online trade exchange is scheduled to be held from May 28 to May 30 with the participation of 60 footwear importers from the United States, with the aim of supporting domestic footwear enterprises promote the export of footwear products to the US market, according to the Ministry of Industry and Trade (MoIT).

The event is set to be jointly held by the MoIT, the Vietnamese embassy’s trade office based in the United States, and the Footwear Distributors and Retailers of America. 

Throughout the duration of the event, both representatives of state management agencies and industry associations from both sides will be granted a platform to provide updated information relating to the US footwear market in the context of the novel coronavirus (COVID-19) pandemic.

Moreover, participants will be able to assess the export prospects and adaptability of the ever-changing landscape, as well as introducing the nation’s plans for developing the footwear industry and intensifying trade exchange activities moving forward in the footwear sector in relation to the US market, according to the Vietnam Trade Promotion Agency.

Indeed, it is anticipated that the trade exchange will draw the participation of between 60 and 80 domestic footwear enterprises.

With 2019 being considered a successful year for footwear exports due to the sector’s revenue enjoying a surge of 12.8% to US$18.3 billion against the same period from the previous year, the US now makes up the largest export market with a value of US$6.65 billion, an increase of 14.2%.

Following this, the US has remained as the leading importer of Vietnamese footwear products during the first quarter of the year with a turnover of US$1.56 billion, an annual increase of 10%.

Despite this, a number of contracts have yet to be finalised in the second and third quarters of the year. This can largely be attributed to a decline in consumption within the US market.

Aside from a fall in order numbers, many foreign partners have suddenly cancelled orders, leading to numerous difficulties for local businesses.

It is hoped that through the event both Vietnamese enterprises and US importers will be able to gain greater insights into the needs and capacities of each other, seize upon co-operative opportunities, and quickly respond to trade and market developments due to the demand for footwear in the US market predicted to bounce back once the COVID-19 epidemic is eradicated.