Footwear export industry 2022 : Expected to reach 20 billion USD
Vietnam’s footwear industry has been growing rapidly in recent years, and it is expected to reach new heights in 2022. According to industry experts, Vietnam’s footwear exports are expected to reach 20 billion USD, marking a significant increase from previous years. This growth can be attributed to several factors, including the country’s low labor costs, favorable government policies, and strong demand from key export markets such as the United States and Europe.
Vietnam footwear export market raised amazingly in recent years
Vietnam’s footwear exports are expected to continue growing in the coming years, making it a major player in the global footwear industry. With a large pool of skilled labor, an improving business environment, and a supportive government, the future looks bright for Vietnam’s footwear industry.
Vietnam’s footwear export market has been growing at an astonishing rate over the past few decades, with only two declines in 2009 and 2020. The country’s footwear industry has been a key driver of economic growth, contributing significantly to its exports and overall competitiveness. In 2021, Vietnam’s footwear exports reached an all-time high, with a growth rate of over 20% compared to the previous year. This growth can be attributed to several factors, including the country’s low labor costs, favorable government policies, and strong demand from key export markets such as the United States and Europe.
The two declines in 2009 and 2020 were due to global economic crises, which impacted the entire world, including Vietnam’s footwear industry. However, the country’s strong recovery and ability to quickly adapt to changing market conditions has been a key factor in its success. Despite the challenges faced during the global economic crisis, Vietnam’s footwear industry has continued to grow, driven by its skilled labor force, favorable business environment, and supportive government policies.
In recent years, the Vietnamese government has taken steps to support the growth of the footwear industry, including providing tax incentives for investment and upgrading infrastructure. Additionally, the country has invested in research and development to improve the quality and design of its products. This has helped to further strengthen Vietnam’s position in the global footwear market and make it a key player in the industry.
According to the newly released World Leather and Footwear Yearbook 2021, Vietnam for the first time had reached over 10% of the global shoe export market share with approximately 1.2 billion pairs of shoes in 2020. Which made Vietnam ranked second in terms of volume in leather shoes export, only after China with 7.4 billion pairs. After Vietnam, Indonesia ranks third, followed by Germany and Turkey.
Overall, the growth of Vietnam’s footwear export market is a testament to the country’s economic strength and resilience. With a large pool of skilled labor, an improving business environment, and a supportive government, the future looks bright for Vietnam’s footwear industry. The country is expected to continue to grow and become a major player in the global footwear market, providing opportunities for both domestic and foreign companies.
Expectations for Vietnam shoe export industry in the near future
Vietnam is a major player in the global footwear industry and is expected to further expand its presence in the near future. With a rich history of shoemaking and a large, skilled workforce, the country has become a hub for the production of footwear for export. In recent years, Vietnam has seen a steady increase in the export of footwear to various countries around the world, including the United States, the European Union, and Japan.
However, in order to maintain its competitiveness and continue to grow its export market, Vietnam must address some key challenges. One of the biggest challenges facing the country’s footwear industry is the availability of sufficient raw materials for production. Footwear production requires a variety of materials, including leather, rubber, and synthetic materials, and these materials must be sourced from reliable suppliers.
Unfortunately, Vietnam has limited domestic resources for these materials and must rely on imports from other countries. This makes the country’s footwear industry vulnerable to changes in global commodity markets, as well as disruptions to supply chains due to trade tensions or natural disasters. To address this issue, Vietnam must prioritize the development of its domestic raw material supply chain and seek out new sources of materials to ensure a steady supply for its footwear industry.
Another challenge facing Vietnam’s footwear industry is the need to respond to the evolving needs of its main import markets. The countries that import the most footwear from Vietnam have different tastes and preferences, and the industry must be able to adapt to these changes in order to remain competitive. For example, the European market tends to value eco-friendly and sustainable products, while the United States market is more focused on fashion and style.
In order to meet the demands of these markets, Vietnam’s footwear industry must invest in research and development, as well as in the latest technologies and production processes. This will allow the industry to innovate and create new, more attractive products, which will help to further expand its export market.
In conclution, Vietnam’s expectation to expand its footwear export market in the near future is achievable, but the country must first address some key challenges. These include ensuring sufficient raw materials for production, as well as adapting to the changing needs of its main import markets. With the right investments in infrastructure, technology, and human capital, Vietnam can become a leading player in the global footwear industry and continue to grow its export market for years to come.
In conclusion, Vietnam has already established a strong foundation in the footwear industry, but it should also take into consideration potential challenges to avoid and focus on growth in the future. This includes ensuring a steady supply of raw materials, responding to the evolving needs of its main import markets, and investing in research and development to remain competitive. By addressing these challenges and taking proactive steps towards growth, Vietnam can continue to thrive as a leader in the global footwear industry.