Overseas shipments within the first seven months of 2022 earned more than 14 billion USD for the leather and footwear sector, an annual increase of 13%.
Hanoi (VNA) – Overseas shipments within the firstseven months of 2022 earned more than 14 billion USD for the leather andfootwear sector, an annual increase of 13%.
During the period, the export revenue of the products from NorthAmerica and the EU grew by 24% and 17.5%, respectively.
The export value also saw good recovery in markets signing afree trade agreement with Vietnam, for example an 18.2% increase in exports to Vietnam-EU FTA members, and a 10.5% rise in CPTPP member markets.
Phan Thi Thanh Xuan, Vice Chairwoman of the Vietnam LeatherFootwear and Handbag Industry, said that the sector will face bothopportunities and challenges in the remaining months of the year.
Key export markets of Vietnam like the EU and US are experiencinga reduction in consumption, hence an impact on purchasing power, she added.
Vietnam earned 20.78 billion USD from the export of leather and footwear in 2021, up 4.6% from 2020, including 17.77 billion USD from footwear alone, up 6.1%.
Various world-famous brands, including Nike, Adidas, Reebok,and Puma, have selected Vietnam as a destination for outsourcing and settingproduction bases./.
Vietnam's footwear exports brought home 11.27 billion USD from the start of the year to July 15, a year-on-year surge of 28.36 percent, according to the General Department of Vietnam Customs.
Vietnam’s footwear exports are likely to grow 5 percent this year although COVID-19-induced supply chain disruptions caused decreases in August and September, according to Phan Thi Thanh Xuan, Secretary-General of the Vietnam Leather, Footwear and Handbag Association (Lefaso).
With 80 percent of workers returning to work in factories and abundant orders right from the beginning of the year, the footwear sector has seen bright prospects for this year.
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In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative photo (Source: VNA) 
