The US, China, German, Belgium, Japan and the United Kingdom are emerging markets of Vietnam’s footwear. The US market accounted for 35 percent of Vietnam’s total revenue reaching $4.6 billion, up 14 percent compared to same period last year meanwhile China’s market consumed 7.9 percent of Vietnam’s footwear bringing the country's revenue up to $1.04 billion.
Regarding to growth in footwear export turnover, some markets have seen substantial an increasing despite small revenue. For instance, Indonesian market has seen a soar of 53.2 percent with revenue of $39.51 million; Singaporean market is estimated to rise 43 percent bringing revenue of $60.28 for the country and there has been a surge of 42 percent in Polish market generating revenue of $27.75 million.
It is forecast that the sector's turnover will grow more in 2018 because there are many advantages such as the Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement (EVFTA) which are scheduled to sign in 2018.
Compared to China, the biggest rival, Vietnamese footwear is eligible to enjoy the EU’s generalized system of preferences (GSP) with tariffs slashed 3.5-4.2 percent when it is exported into the EU market. Once EVFTA takes effect, Vietnam will enjoy tariff cut to zero percent.
