Shoe exports to drop to $4.6 billion this year

Vietnamese footwear exports will drop by 3.7 percent to less than US$4.6 billion this year, Dau Tu newspaper reported Friday, citing the Vietnam Leather and Footwear Association.

The association said the global economic crisis had trimmed demand for footwear in international markets. Vietnamese footwear products were also facing increased import duties in European markets, according to Dau Tu (Investment).

The European Union is the largest market for Vietnamese footwear and imported about $2.5 billion in shoes from Vietnam last year, said a report on the association’s website Friday.

Vietnamese footwear exports achieved an average annual growth rate of 10 percent over the past several years. The footwear association expected exports to bounce back and reach $5.3 billion next year, the report on its website said.

thanhnien, bloomberg

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