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Home >> Business
UPDATED: 13:53, February 15, 2007
Vietnam to gain bigger footwear market share in U.S.: report
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With U.S. footwear importers looking to diversify their suppliers, Vietnamese firms can grab a bigger share of the lucrative market if they focus on improving quality, local newspaper Vietnam News reported Thursday.

China had for long been the United States' biggest footwear supplier, but many U.S. companies were looking to other countries, including Vietnam to diversify their market, local industry insiders said, stating that if Vietnamese manufacturers increased the use of skilled workers, launched more promotional activities and intensified investment in modern equipment, they could gain a large market share.

Vietnam's World Trade Organization membership and Permanent Normal Trade Relations conferred by the United States would enable the Vietnamese footwear industry, especially its large players, to penetrate more deeply into the U.S. market, the industry insiders said, noting that the Vietnam Feather and Footwear Association should fully play its role of being a bridge between domestic enterprises and U.S. importers by assisting the former to participate in annual international footwear fairs in Las Vegas, the United States.

According to statistics from the U.S. Department of Commerce, the United States imported 20 billion U.S. dollars worth of footwear products and accessories last year. Vietnam accounted for a mere 5 percent of the U.S. import revenue. Some U.S. footwear importers are planning to step up imports from Vietnam, especially items with intricate design and high quality, the insiders said.

Vietnam's Trade Ministry predicted the country's total footwear export turnovers can reach 4.1 billion dollars this year. Now, its main footwear export markets include the United States, the European Union, Japan and Africa. Vietnam gained footwear export earnings of nearly 3.6 billion U.S. dollars in 2006, up 16.9 percent over 2005, according to the country's General Statistics Office.

Source: Xinhua


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