According to the WB, Viet Nam has overtaken India as a low-cost manufacturing and export hub.

Viet Nam's export turnover of leather and footwear products is expected to reach US$26-27 billion in 2024 on the basis of the positive results recorded so far.

The sector gained export revenue of over US$10.14 billion in the first seven months of the year, up 10.4 percent compared to the same period of 2023, figures from the General Department of Viet Nam Customs show.

Exports of handbag products earned more than US$1.62 billion in the period, surging 7.4 percent year-on-year.

Exports to 16 biggest partners, including the US, China, Japan, Belgium, the Netherlands, the UK, South Korea, Canada, France, Spain, Italy, Australia, Mexico, UAE and Taiwan (China) accounted for over 88.4 percent of the sector's total export value.

Viet Nam is currently the third largest footwear producers in the world, after China and India, and the second largest footwear exporter.

From January-July this year, Viet Nam's textile export turnover totaled approximately US$20.3 billion, up 6.3 percent year-on-year, according to Viet Nam Customs data.

The main export markets for Viet Nam's textiles, including the U.S., Japan, South Korea, and China, have shown positive growth. Notably, over the last seven months, the U.S. imported US$8.93 billion worth of Vietnamese textiles, a 5.5 percent increase from the same period last year./.