Vietnam to gain bigger footwear market share in US: report
With US footwear importers looking around for more suppliers, Vietnamese firms can grab a bigger share of the lucrative market if they focus on improving quality, Vietnam News reported Thursday.
China had for long been the US’s biggest footwear supplier but many companies were now looking to other countries, including Vietnam, Vietnamese industry insiders said, pointing out that if local manufacturers employed more skilled workers, launched more promotions, and intensified investment in modern equipment, they could gain a large market share.
Vietnam's World Trade Organization membership and Permanent Normal Trade Relations conferred by the US would enable the Vietnamese footwear industry, especially its large players, to penetrate deeper into the US market.
The Vietnam Leather and Footwear Association should fully play its role as a bridge between domestic enterprises and US importers by assisting the former to participate in the annual international footwear fair in Las Vegas.
The US, according to the Department of Commerce, imported US$20 billion worth footwear products and accessories last year with a mere 5 percent sourced from Vietnam.
Some US footwear importers were planning to step up imports from Vietnam, especially items with intricate design and high quality, the insiders said.
The Trade Ministry predicted the country's total footwear export to reach $4.1 billion this year, mainly from exports to the US, EU, Japan, and Africa. It was nearly $3.6 billion last year. |
