The Industrial Production Index (IPI) for footwear manufacturing rose by 3.91 percent in November compared to October, indicating significant month-on-month growth, according to Vietnam’s General Statistics Office. This highlights the sector’s robust performance as a key driver of Vietnam’s industrial output.
Year-on-year, footwear manufacturing achieved impressive growth of 18.47 percent in November 2024 compared to the same period in 2023. Over the first 11 months of 2024, the sector recorded cumulative growth of 12.58 percent compared to the same timeframe last year, showcasing its vital role in Vietnam’s export economy.
The growth is largely driven by strong international demand, particularly from key markets in Europe and the United States. Vietnam’s competitive production costs, skilled workforce, and investments in advanced manufacturing technologies have bolstered the sector’s global reputation as a leading footwear exporter.
Footwear manufacturing remains a cornerstone of Vietnam’s industrial and export economy, providing significant employment opportunities and contributing to economic stability. Continued focus on innovation, sustainability, and market diversification will be essential for the sector’s sustained growth.
See also: Footwear Manufacturing in Vietnam