Footwear Industry Expands In Vietnam

Footwear Industry & Music. Music Press Asia

Vietnam’s footwear industry is Vietnam’s third-largest export sector. Except during the pandemic, the industry has been steadily growing over the past decade and is predicted to double by 2031. While footwear continues as a protective gear for the feet in this modern day world, Vietnam’s footwear industry is benefitting as manufacturers leave China to seek new players that could provide lower labor costs and greater international market and commerce access.

According to ASEAN Briefing, Vietnam exports 1 billion pairs of footwear to countries around the world every year – ranking only second in the world in leather and footwear export. Earning the country some US$20.78 billion in 2021 alone.

With most of the 2,200 footwear production enterprises concentrated in and around Ho Chi Minh City, the largest proportion of its end products goes to the European Union.

Another big player in the industry is China, of which is also home to the world’s biggest footwear spenders and manufacturers. Although a geographically smaller hub, the Hong Kong people remain the largest footwear spenders – globally – at US$372 per capita in 2021.

To read more about Vietnam’s burgeoning footwear industry, visit ASEAN Briefing, here.

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