Footwear exports likely to bounce back at year’s end
Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020, a year-on-year decline of 7.9 percent, according to the Ministry of Industry and Trade.
Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020 (Photo: VNA)
Hanoi (VNA) – ဣFootwear exportswere estimated to hit 9.53 billion USD in the first seven months of 2020, ayear-on-year decline of 7.9 percent, according to the Ministry of Industry andTrade.
The sector is among the hardest hit by theCOVID-19 pandemic, along with garment-textile and manufacturing. Europe is the leading export market ofVietnam’s leather and footwear, yielding nearly 6 billion USD annually and holdinga lion’s share of nearly 30 percent. As the EU-Vietnam Free Trade Agreement(EVFTA) took effect on August 1, footwear exports are expected to re-bounce inthe remaining quarters, offsetting losses in the beginning of the year./.
Footwear exports to the US have been forecast to struggle in the remaining months of this year due to falling demand, though it recorded a 10 percent increase in revenue in the first quarter of the year.
Vietnam’s leather and footwear industry should improve its supply chain performance to take advantage of the milestone trade deal that the country has signed with the EU and to recover from the effects of the COVID-19 crisis, speakers said at a recent international footwear conference.
The European Union – Vietnam Free Trade Agreement (EVFTA) not only promotes trade and investment growth between Vietnam and the EU but also creates a driving force to boost cooperation in improving growth quality, towards sustainable development, experts said.
The EU-Vietnam Free Trade Agreement (EVFTA), which came into force on August 1, is hoped to create a driving force to help Vietnam reap further achievements in poverty reduction and economic growth.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Footwear exports were estimated to hit 9.53 billion USD in the first seven months of 2020 (Photo: VNA) 
