5 Ways Vietnam can cut into China’s Footwear Market
Last year, the United States imported 20 billion dollars worth of footwear products and accessories.
Vietnam accounted for just 5% of that revenue.
But, 5% beats 4% or 3% or…
Somebody or somebodies, and rightfully so, are beginning to realize that EvERYTHING being manufactured in China is NOT a good thing.
Many US companies are beginning to realize the need to diversity the market for their footwear suppliers. Vietnam is on the list.
Vietnam needs only to:
1. step up its number of skilled workers
2. launch more promotional activities
3. intensify investment in modern equipment
4. get accepted into the World Trade Organization
5. be conferred wtih Permanent Normal Trade Relations by the United States
6. court U.S. footwear importers when it comes to intricate design and high quality
Vietnam's Trade Minister thinks its country can reach 20% market share this year. The country already exports to the U.S., Europe, Japan and Africa.
The footwear industry in Vietnam grew almost 17% last year to 3.6 billion dollars.
Vietnam will never beat China in overall manufacturing…China's 1.3 billion population far outnumbers Vietnam's 84 million.
But, if a country that is 16 times smaller than China can take just 10% market share away from its giant competitor…that will be a victory in itself.
What do you think?
As with most fashion, my wife introduced me to Havaianas sandals. I got my green Havaians (cool pattern of course) for the summer and am surprised that they haven’t shown wear and tear. They even double as slippers.
Leave a comment!