The Government News on September 5 quoted a recent report from the World Bank as reporting that Vietnam’s share in global textile, leather, and footwear exports reached 5.9%, surpassing the shares of Bangladesh (5.1%) and India (3.5%).

According to the WB report, Vietnam has overtaken India as a low-cost manufacturing and export hub.

Vietnam's export turnover of leather and footwear products is expected to reach $26-27 billion in 2024 on the basis of the positive results recorded so far.

The sector gained export revenue of over $10.14 billion in the first seven months of the year, up 10.4% year-on-year, figures from the General Department of Vietnam Customs show.

Meanwhile, exports of handbag products earned more than $1.62 billion in the period, surging 7.4% year-on-year.

Exports to 16 biggest partners, including the US, China, Japan, Belgium, the Netherlands, the UK, South Korea, Canada, France, Spain, Italy, Australia, Mexico, UAE and Taiwan (China) accounted for over 88.4% of the sector's total export value in the seven-month period.

Vietnam is currently the third largest footwear producers in the world, after China and India, and the second largest footwear exporter.

From January-July this year, Vietnam’s textile export turnover totaled approximately $20.3 billion, up 6.3% year-on-year, according to data from the General Department of Vietnam Customs.

The main export markets for Vietnam's textiles include the U.S., Japan, South Korea, and China. Notably, the U.S. imported $8.93 billion worth of Vietnamese textiles in the seven-month period, a 5.5% increase year-on-year.