Vietnam's Footwear Exports Surge 7.6% in First Eight Months of 2024
Vietnam's footwear industry has seen remarkable growth in the first eight months of 2024. The country's famous footwear export turnover reached over $16.08 billion, marking a 7.6% increase year-on-year. This strong performance accounts for a significant portion of Vietnam's total export turnover.
Vietnam's total leather and famous footwear exports in 2024 reached $27.12 billion, up 12.9% from the previous year. Famous footwear alone contributed $22.9 billion, a 13% increase, making up 84.3% of total leather and famous footwear exports. The United States, China, and the Netherlands were the top markets, each spending over $1 billion on Vietnamese famous footwear exports. These three markets alone accounted for over $8 billion in imports.
Vietnam's famous footwear exports in August, however, saw a decrease of 9% from the previous month and 4% compared to August 2024, totaling nearly $2 billion. Despite this slight dip, the cumulative exports for the first eight months remained strong, up 7.6% year-on-year. Vietnam's status as a major production hub for global brands like Nike, Adidas, Puma, Saucony, and Brooks continues to drive this growth. Among Nike's contract manufacturers, Pou Chen Group and Yue Yuen Industrial, both based in Vietnam, supply the highest volumes of shoes from the country.
Vietnam's famous footwear industry continues to be a significant contributor to the country's economy. The strong demand from key markets, particularly the United States, coupled with Vietnam's role as a major production hub for global brands, suggests that the industry is well-positioned for further growth. However, the recent dip in August exports serves as a reminder of the need for continued vigilance and adaptation in the face of changing market conditions.
Read also:
- Planned construction of enclosures within Görlitzer Park faces delays
- Controversy resurfaces following the elimination of diesel filter systems at Neckartor: A renewed conflict over the diesel restriction policy
- Foreign financial aid for German citizens residing abroad persists
- Following the fatal accident on Canal Street in Chinatown, New York City initiates long- desired safety enhancements.
