According to Vice Chairwoman and General Secretary of LEFASO Phan Thi Thanh Xuan, to achieve this goal, the sector relies heavily on consumer demand and compliance with green and sustainable development standards set by its import markets.

The industry will concentrate on exporting to existing and less demanding markets, such as Africa and Asia, while gradually adopting higher standards to enter demanding markets like Japan, Europe, Canada, and the US.

Vietnamese businesses have also started selling their products on e-commerce platforms like Alibaba and Amazon to expand their distribution channels, Xuan said, adding that several leading footwear companies have secured contracts extending through mid-2025.

Addressing the event, LEFASO Chairman Nguyen Duc Thuan noted that the industry faces a variety of challenges such as a decline in prices, high-quality requirements, sustainability criteria, and rising input costs. But the leather and footwear industry raked in an estimated 27.04 billion USD from exports in 2024, marking a year-on-year increase of 11.45%.

He emphasised that the sector possesses numerous competitive advantages, including an abundant labour force, a diverse supply of raw materials, investment incentives, and most notably, the country’s integration into the global economy through various free trade agreements (FTAs).

Thanks to these competitive advantages, many foreign direct investment (FDI) enterprises have chosen Vietnam as their destination, he noted.

Vietnam ranks third globally in footwear production. The industry largely focuses on export-oriented production, therefore export turnover from FDI enterprises accounts for 75% of the sector's total export value.

The US is a primary importer of Vietnam's footwear products, accounting for 36.5% of the total value in the first 11 months of 2024. It is followed by the EU, China, Japan, and the Republic of Korea. The total export turnover to 16 major countries worldwide makes up 89% of the industry's overall export value.

The industry aims to achieve total export revenue of 38–40 billion USD by 2030, indicating strong growth potential.