Vietnam’s footwear manufacturing industry experienced significant growth in October, marked by both monthly and annual increases in production. Vietnam’s Industrial Production Index data shows a 4.8 percent rise in footwear manufacturing from September, suggesting a strong monthly recovery spurred by increased domestic and export demand.
On a year-over-year basis, the sector grew by 12.6 percent in October 2024 compared to October 2023, indicating sustained demand for Vietnamese footwear products globally. Cumulatively, from January to October 2024, footwear manufacturing output was up by 11.4 percent over the same period last year, highlighting the sector’s steady expansion and its critical role in Vietnam’s export economy.
Vietnam’s competitive advantage in footwear production is in its experienced labour and cost efficiencies. However, to maintain this momentum, the industry may need to address challenges related to global supply chain pressures, rising production costs, and the growing importance of sustainable and ethical production practices in the international market.