A MoIT's revised plan for leather and footwear industry development until 2025, with a vision to 2035, stated that the industry will develop at a high speed to maintain its position as one of the country's key export industries. Under the plan, the sector's annual production value is expected to grow by 11.62 percent in the 2016-2020 period, 8.87 percent in the 2021-2025 period and 6.04 percent in the 2026-2035 period.
In addition, it will strive to achieve an annual export growth rate of 10-15 percent in the 2016-2020 period, 8-9 percent in the 2021-2025 period and 4-5 percent in the 2026-2035 period, with export revenues expected to reach around 24-26 billion U.S. dollars by 2020, some 35-38 billion U.S. dollars by 2025 and about 50-60 billion U.S. dollars by 2035.
It also targets to raise the local content rate in footwear products to 45 percent by 2020, 47 percent by 2025 and 55 percent by 2035.
In 2016, Vietnam earned 16.2 billion U.S. dollars from leather and footwear exports, accounting for 10 percent of the country's total export value. The figure is forecast to hit 17.88 billion U.S. dollars in 2017, according to the ministry.