Vietnam has become one of the fastest growing economies in the world, with leather footwear output increasing by 13.1% year-on-year.
Foreign media said that Asia's latest "Little Dragon" economy is Vietnam, because the country has become one of the fastest growing economies in the world. In the first half of 2018, Vietnam's GDP grew by 7.1% year-on-year, the highest in 2011, and the fastest growth since 2011. The output of the manufacturing sector such as Vietnam's leather footwear increased by 13.1% year-on-year. Analysts at the National Bank of Qatar said that the boom in manufacturing contributed to exports, and that Vietnam’s exports in the first half of 2018 increased by nearly 20% year-on-year. It is reported that in the first six months of this year, Vietnam's leather footwear and luggage industry exports totaled 9.45 billion US dollars, an increase of 8.4%. It is estimated that by the end of the year, the total export value will reach 19.5 billion US dollars. According to the report, the bank attributed the success of manufacturing and exports to Vietnam's ability to attract large foreign direct investment into industries such as clothing, footwear and electronics. The inflow of foreign direct investment into Vietnam has also increased. It is estimated that the total value of the first half of this year will reach 13 billion U.S. dollars, with an annual growth rate of 11%. On the other hand, Vietnam's low labor costs have also attracted more and more shoe companies to invest in Vietnam. In May this year, sports brand giant Adidas announced that it will accelerate the transfer of branded footwear production lines from China to Vietnam. According to the United Nations Commodity Trade Statistics Database (UNCOMTRADE), in 2015 and 2016, Vietnam’s footwear exports ranked second in the world, second only to China. In 2017, Vietnam exported about 10.2 billion pairs of shoes, accounting for 7.4% of the global export market. It ranked second in China's top 10 footwear exporting countries (67.3%), and Vietnam's footwear exports continued. Ranked second in the world for three years.
Besides,our GreatRich company provides high quality shoe-making machines for many shoe manufacturers in Vietnam.