The office of the Ministry of Industry and Trade (MoIT) on May 13 informed that currently, footwear is one of the key export products of Vietnam. Last year, footwear exports hit US$18.3 billion, up 12.8 percent, and the US was the largest importing market with import turnover of $6.65 billion, up 14.2 percent.
According to the latest statistics by the General Department of Vietnam Customs, in the first quarter of this year, the US continued to be the largest footwear importer of Vietnam with import turnover of $1.56 billion, up 10 percent year-on-year.
Although footwear exports to the US market posted high growth in the first quarter of this year, amid the complicated developments of the Covid-19 pandemic, many Vietnamese footwear exporters said that contracts for the second and third quarters have not been closed as footwear consumption in the US market is on the decrease. Not only the number of orders has decreased, but many US partners have also unexpectedly canceled orders, causing Vietnamese footwear enterprises to be unable to cope with the situation.
"This is the first online trade event in Vietnam's footwear industry with the US market," the MoIT stressed.
At this trade conference, the two parties will update the US footwear market amid the context of the Covid-19 pandemic and evaluate the prospects in the future and the ways to adapt in the new context.
The conference will also introduce Vietnam's policies and orientation to develop the footwear industry and promote trade in footwear with the US market.Through this trade conference, businesses of both sides will understand better the needs and capabilities of each other, coming to an agreement on opportunities for cooperation and trade promotion, preparing forces to quickly respond to trade and market developments after the end of the Covid-19 pandemic, contributing to strengthening trade relations that have been built on sustainable foundations between Vietnam and the US.
According to the MoIT, up to now, Vietnam has proved to the world its success in controlling and stopping the spread of the disease. While many experts say that after controlling the Covid-19 pandemic, the demand for footwear in the US market will increase. Therefore, right now, footwear businesses need to promote trade promotion to the US market.
