Bags / Shoes & Accessories

Vietnam's "Saigon Economic Online" reported on October 9 that on October 8, the Vietnam Textile Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) jointly conducted an investigation on the Vietnamese textile, leather and footwear industries. Many textile and footwear companies participating in the survey said that this year's delayed delivery will be punished by some brands, and new orders will be suspended or reduced by partners in 2022.

Up to 68.1% of companies said they were fined by the brand for delaying delivery; 12.2% of companies applied to cancel orders with their partners and had to pay contract liquidated damages; 21% of companies said they were cancelled by the brand, but they did not force them to compensate; 13.1 %The brand cancels the order that is preparing to sign the contract.

According to the January-September industrial production and trade data of Vietnam's Ministry of Industry and Trade, the production and exports of the footwear and textile industries fell sharply in August and September because many factories had to stop production. The export value of luggage, suitcases, hats and umbrellas was US$2.24 billion, a year-on-year decrease of 3.7%; the export value of footwear was US$13.33 billion, an increase of 9.8% (export volume fell 44.2%); the export value of textiles was US$23.46 billion, an increase of 5.8% (export The amount decreased by 18.6%).