Leather, footwear forecasts 18 bln USD of export earnings
Leather, footwear sector forecasts 18 bln USD of export earnings
The leather and footwear sector forecasts that its export earnings can reach 18 billion USD this year, up more than 10 percent from 2016, while manufacturing index would grow by 5 percent.
Hanoi (VNA) – Theleather and footwear sector forecasts that its export earnings can reach 18billion USD this year, up more than 10 percent from 2016, while manufacturingindex would grow by 5 percent.
According to experts, orders for footwearand bag processing may be diverted from factories in China to those in Vietnam.The shift is attributable to China’s cut back on incentives for investment in garmentand footwear sector to focus on high technology.
Another factor is the Vietnam-EuropeanUnion free trade agreement which will take effect in 2018 and afford Vietnamesefootwear makers more chances to boost export.
The Vietnam Leather, Footwear andHandbag Association reported that the sector raked in 16.2 billion USD fromexport last year, up 8.8 percent from 2015. Of which, 13 billion USD was from footwearand the remaining was from handbags and leather items, marking respective annualincreases of 8.2 percent and 11.1 percent.
Footwear currently ranks fourthand suitcase-bag-briefcase ranks tenth among Vietnam’s top 10 foreign currencyearners.
The sector’s manufacturing index in2016 rose a modest 3.7 percent year-on-year, much lower than the 17.4 percentand 22 percent growth in 2015 and 2014, respectively, due to fluctuations inthe world economic situation and falling demand, especially from the EU.-VNA
As many as 86 percent of Vietnamese workers in the garment-textiles and leather-footwear industries may face unemployment due to automation, according to a report released recently by the International Labour Organisation (ILO).
The US continued topping the list of 200 countries and territories importing Vietnamese goods in 2016, with a total import value of over 34.8 billion USD, according to the Government’s portal.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
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.
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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.
Illustrative image (Source: VNA) 
