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Vietnam sets US$27-billion footwear export target for 2023

HCMC – The country’s leather and footwear export revenue is expected to reach US$25 billion in 2022 and US$27 billion in 2023, according to the Vietnam Leather, Footwear and Handbag Associatiom (LEFASO).

Footwear exporters booked US$2 billion in revenue in September, taking the total in the first nine months of this year to around US$21 billion, up from US$20.8 billion in 2021, the local media reported.

By the end of 2022, the industry is likely to meet the export target of US$25 billion, according to Diep Thanh Kiet, vice chairman of LEFASO.

Still, major importers like the United States and the European Union tend to reduce consumption, making life difficult for domestic enterprises.

Although the foreign trade outlook for 2023 seems to be bleak, footwear exports might increase 6% versus 2022 to US$26.5-27 billion.

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