Fu-Luh Shoes Co., Ltd (Vietnam)

Fu-luh Shoes Co., Ltd is a member of Ching Luh Group which was established in 1969 in Taiwan. This group is one of the leading sports footwear manufacturers in China, Vietnam and Indonesia for Nike, Adidas, Reebok, Mizuno, and Footjoy.Fu-luh Shoes Co., Ltd specializes in manufacturing and processing sport shoes for Nike. The materials for production are imported mainly from China, Taiwan, Singapore, Thailand, etc. The company exports 100% of its products oversea for consumption. From the end of 2022 to early 2023, the global economy weakened, aggregate consumer demand declined, and inflation increased in developed countries, especially in countries that was Vietnam's main export markets such as USA, EU, China,... Along with that, maintaining tight monetary policy and high inventory levels caused import orders from these markets to decline, strongly affecting export activities of many industries, including footwear. Businesses faced a serious shortage of orders, up to 30-50% for traditional markets, especially the two markets accounting for 70% of Vietnam's leather and footwear export turnover, USA and EU, decreased by 35% and 13% respectively. Orders shrank and exports had not yet predicted a recovery time, forcing businesses to continuously cut labor.Data from the General Department of Customs showed that Vietnam's footwear exports in August 2023 reached over USD 1.72 billion, down 4% compared to July 2023 and down 2.29% compared to August 2022, accounting for 4.91% of the country's total export turnover. Accumulated in the first 8 months of 2023, exports of this product reached USD 13.36 billion, down 18.4% over the same period in 2022 and accounting for 5.86% of the country's total export turnover.