Hanoi: The leather and footwear industry aims for an export growth rate of 10% in 2025, with total turnover projected at 29 billion USD, according to the Vietnam Leather, Footwear, and Handbag Association (LEFASO). The leather and footwear industry raked in an estimated 27.04 billion USD from exports in 2024, marking a year-on-year increase of 11.45%. Vietnam ranks third globally in footwear production. The industry largely focuses on export-oriented production, therefore export turnover from FDI enterprises accounts for 75% of the sector’s total export value. The industry aims to achieve total export revenue of 38-40 billion USD by 2030, indicating strong growth potential.

According to Vietnam News Agency, the consistent growth trajectory of the leather and footwear industry underscores its vital role in Vietnam’s export economy. As the nation ranks third globally in footwear production, the sector’s focus remains heavily on export-oriented production. Notably, export turnover from Foreign Direct Investment (FDI) enterprises accounts for a considerable 75% of the sector’s total export value. This emphasis on exports is pivotal for the industry’s growth strategy.

Looking ahead, the industry is setting ambitious targets, aiming to achieve total export revenue of 38-40 billion USD by 2030. This goal reflects the industry’s confidence in its growth potential and its strategic plans to enhance production capacity and market reach. The projected figures indicate a robust growth trajectory, making the leather and footwear industry a key player in Vietnam’s economic development plans.