Vietnam to hold video conference promoting footwear trade with 60 US firms
While footwear is one of Vietnam’s key export staples, the US is a major market for these products.
An interactive video conference aimed to promote Vietnam – US trade in footwear in the post-Covid-19 period is scheduled to take place for the first time on May 28 – 30, 2020, with the participation of 60 US traders.
Illustrative photo. |
The event will be jointly held by Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade (MoIT), the Vietnam Trade Office in the US, and the Footwear Distributors and Retailers of America (FDRA).
At the conference, both sides would discuss the current situation of the US footwear market amid the Covid-19 pandemic, its outlook and potential cooperation between enterprises from the two countries in the footwear industry.
While footwear is one of Vietnam’s key export staples, the US is a major market for these products.
In 2019, Vietnam’s export turnover of footwear products hit US$18.3 billion, up 12.8% year-on-year. The US remained the largest buyer, spending US$6.65 billion on Vietnamese footwear, up 14.2%.
Despite a positive export growth rate in footwear to the US market in the first quarter, many Vietnamese firms have expressed concern that the Covid-19 pandemic and its severe impacts on the US economy are causing a stagnation in the signing of new contracts in the second and third quarters.
In addition to a decline in orders, many US traders have canceled existing orders without notice, in turn putting their Vietnamese partners in a difficult position.
As Vietnam has received praisesglobally for its efforts in containing the Covid-19 pandemic, the country is now focusing on boosting economic growth. Experts predicted once the pandemic is put under control, demand for footwear in the US market would surge.
According to the MoIT, it is essential for Vietnamese firms to start promoting trade to the US market. The ministry expected the conference would help two sides gain better understanding and boost trade turnover for mutual benefit, and more importantly, to prepare for a new global trade environment after the end of the Covid-19 pandemic.
Other News
- Deputy PM orders gold market inspected this week
- Gov’t seeks to defer US$160 million owed by Vietnam Airlines
- Vietnam to step up effort against gold smuggling
- Food hygine model in Hoan Kiem enhances Hanoi's appeal
- Vietnamese Gov’t approves purchase of Laos wind power
- Vietnam c.bank eases gold auction conditions
- Hanoi earmarks US$55.4 billion to build 600-km metro network by 2045
- Vietnamese Gov’t expected to tighten gold transactions
- US taking move to recognize Vietnam as market economy a welcome sign: MoFA
- Vietnam reacts to potential BRICS membership in 2024
Trending
-
Deputy PM orders gold market inspected this week
-
Vietnam news in brief - May 17
-
Russia fully supports Vietnam's entry into BRICS: Ambassador
-
Hanoi's 70th liberation anniversary literary and art contest launched
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage
-
Hanoi's oldest book street preserving the city's reading culture