Leather, footwear exports to hit 27 billion USD in 2024

Export revenue of the leather, footwear and handbag sector is predicted to hit 26-27 billion USD in 2024 on the basis of the positive results seen so far, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO). In the first six months of this year, the sector's exports exceeded 6.5 billion USD, up 5.7% over the same period last year. Experts held that Vietnam has considerable competitive advantages thanks to a wide network of FTAs which covers 60% of the global trade volume, and a large-scale leather and footwear sector with more than 1,000 factories and about 1.5 million workers as well as a contribution of about 8% to the national GDP. The sector has remained attractive to foreign investors thanks to an abundant and low-cost labour force. Source: Vietnam News Agency