May 18, 2020 / 15:21

Vietnam to hold video conference promoting footwear trade with 60 US firms

The Hanoitimes - While footwear is one of Vietnam’s key export staples, the US is a major market for these products.

An interactive video conference aimed to promote Vietnam – US trade in footwear in the post-Covid-19 period is scheduled to take place for the first time on May 28 – 30, 2020, with the participation of 60 US traders.

 Illustrative photo. 

The event will be jointly held by Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade (MoIT), the Vietnam Trade Office in the US, and the Footwear Distributors and Retailers of America (FDRA).

At the conference, both sides would discuss the current situation of the US footwear market amid the Covid-19 pandemic, its outlook and potential cooperation between enterprises from the two countries in the footwear industry.

While footwear is one of Vietnam’s key export staples, the US is a major market for these products.

In 2019, Vietnam’s export turnover of footwear products hit US$18.3 billion, up 12.8% year-on-year. The US remained the largest buyer, spending US$6.65 billion on Vietnamese footwear, up 14.2%.

Despite a positive export growth rate in footwear to the US market in the first quarter, many Vietnamese firms have expressed concern that the Covid-19 pandemic and its severe impacts on the US economy are causing a stagnation in the signing of new contracts in the second and third quarters.

In addition to a decline in orders, many US traders have canceled existing orders without notice, in turn putting their Vietnamese partners in a difficult position.

As Vietnam has received praisesglobally for its efforts in containing the Covid-19 pandemic, the country is now focusing on boosting economic growth. Experts predicted once the pandemic is put under control, demand for footwear in the US market would surge.

According to the MoIT, it is essential for Vietnamese firms to start promoting trade to the US market. The ministry expected the conference would help two sides gain better understanding and boost trade turnover for mutual benefit, and more importantly, to prepare for a new global trade environment after the end of the Covid-19 pandemic.