‘The optimistic target stemmed from a solid foundation of likely export revenue of $4.2 million this year and an average annual growth of 12-15%’, Thuan added.
The target is part of a strategy released by the Ministry of Industry and Trade for development during the period 2007-2010. It is forecast that the industry will produce 720 million pairs of shoes, 80.7 million bags and 80 million sq m of leather during that time.
The industry anticipates it will attract more than $348 million in investment from foreign firms during the period. The strategy suggests that companies should raise more money by setting up joint-ventures, joint stock companies and by issuing shares and bonds.
Thuan also stressed the importance of promoting Vietnamese products to emerging markets such as Mexico, America and Canada rather than merely focusing on Europe. ‘The EU market accounts for 40% of the total industry’s export turnover at present; it is anticipated to shrink to 20% by 2010’, he said.
Source: Daily Vietnam News