Vietnam's footwear, bag exports to US top $8 billion in eight months

Exports from Vietnam's leather and footwear sector reached more than $2.45 billion in August, down 9 percent from July but up 3 percent from a year earlier, according to preliminary statistics.

In the first eight months, total exports rose by 2.4 percent year-on-year to $19.54 billion.

Footwear exports reached an estimated $16.20 billion, up 1 percent from the same period last year, while exports of handbags, suitcases and umbrellas rose by 12 percent to $3.34 billion.

The US was the largest market, importing $6.46 billion worth of footwear and $1.55 billion of handbags, suitcases and umbrellas during the period.

The EU was the second-largest market, with exports rising by 4 percent to nearly $5 billion.

Exports to some smaller EU markets grew strongly, including France, Luxembourg and Denmark, which rose by 10 percent, 61 percent and 33 percent, respectively. Exports to Germany, however, fell by 5 percent.

Shipments to Japan and China declined, contributing to weaker exports to markets covered by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), despite preferential tariffs under the agreements.

The figures point to a growing reliance on the U.S. and EU markets, while weaker demand in some regional markets underscores the need for exporters to diversify markets and make better use of trade agreements, according to industry assessments.

The foreign-invested sector continued to dominate exports. Its footwear and handbag exports exceeded $15.5 billion in the first eight months, including $13.23 billion in footwear and $2.35 billion in handbags.

This sector accounted for about 80 percent of the industry's total export turnover last year, when exports reached $22.82 billion, up 17 percent from 2024.

To meet its full-year export target of $29 billion-30 billion, the sector would need to average more than $2.5 billion in monthly exports during the final four months of 2026.