Founded in 2005, the subject is specialized in manufacturing leather shoes for women including high heels, sandals, boots, etc. As introduction, it is manufacturing products for brands of Richever, Meyeus, Hodono, Vicoshoe, Zara, etc. According to our investigation, currently, Zara is the subject's major client when its products are mainly supplied to Zara's affiliates in many countries such as Argentina, Brazil, etc. In early 2023, according to the Vietnam Leather - Footwear - Handbag Association (LEFASO), the leather and footwear industry aimed to achieve an export turnover of USD 27 billion for the whole year, an increase of about 10% compared to the previous year. However, from the end of 2022 to early 2023, the global economy was weakened, aggregate consumer demand declined, and inflation increased in developed countries, especially in countries that are Vietnam's main export markets such as the United States, the EU, China, etc. Along with that, maintaining tight monetary policy and high inventory levels caused import orders from these markets to decline, strongly affecting the import-export activities of many industries, including footwear. Businesses are facing 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, the United States and the EU decreased by 35% and 13% respectively. Orders have shrunk and exports have not yet predicted a recovery time, forcing businesses to cut labor continuously. The figure of USD 27 billion in export turnover for the whole year of 2023 is clearly impossible in this context. According to the latest report from the Ministry of Industry and Trade showed that in the first 9 months of 2023, footwear export turnover reached USD 14.86 billion, down by 18.2% over the same period last year, which had not yet reached the USD 16 billion mark. With the current difficult situation of the footwear field, the subject's future is not expected to be brighter.
Headquarters
Lot U-2, U-2A, Long Hau - Hiep Phuoc Street, Long Hau Extended Industrial Park, Hamlet 3, Long Hau Commune
Long An; Mekong River Delta;
Postal Code: 82000-83000
Contact Details: Purchase the Vien Thinh Shoes Company Limited report to view the information.
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