Vietnam’s footwear exports endured an annual drop of 8.8% to US$12.08 billion during the opening nine months of the year, according to figures released by the Ministry of Industry and Trade.

Local firms are urged to fully tap the EVFTA to increase footwear exports 

The manufacturing index of leather and related products enjoyed a rise of 4.5% in September from the previous month, despite recording a decrease of 0.4% in comparison to the same period last year.

This shrinkage in export turnover can also be attributed to the adverse impacts caused by the novel coronavirus (COVID-19) pandemic worldwide, especially in relation to several of the country’s major export markets.

At present, the leather and footwear industry is projected to encounter numerous difficulties ahead in the remainder of the year and will largely be dependent on the United States’ and Europe’s capability to successfully contain the COVID-19 pandemic.

Furthermore, the sector's growth is anticipated to bounce back due to the enforcement of the EU-Vietnam Free Trade agreement (EVFTA) in early August.

According to experts, as a means of taking full advantage of the opportunities brought about by the EVFTA, local firms have been advised to restructure production activities and invest in cutting-edge machinery in an effort to improve product quality in line with the commitments outlined in the trade deal.