Vietnam is the world’s fifth-largest exporter of suitcases, backpacks, and handbags, the country’s Leather, Footwear and Handbag Association (LEFASO) announced on Thursday.
The Southeast Asian nation exported US$3.2 billion worth of suitcases, backpacks, and handbags to the world’s most prominent bag importers in 2017, LEFASO said, citing statistics from the International Leather, Footwear and Handbag Association.
According to LEFASO, Vietnam ranks fifth among the ten largest exporters of suitcases, backpacks, and handbags the world over, contributing 5.4 percent to last year’s global supply.
Vietnam’s suitcase, backpack, and handbag industry has reported consistent growth of 10-15 percent over the past five years, according to LEFASO chairman Nguyen Duc Thuan.
The growth is driven by international fashion brands who have taken notice of the quality of Vietnamese lather craftsmanship and chosen to move their handbag manufacturing facilities to Vietnam, Thuan added.
In 2016, around 2.5 billion suitcases and handbags were bought around the world at the total cost of $300 billion.
The U.S., Hong Kong, and Japan topped the list of global importers in 2016, according to LEFASO.
China continues to hold its reign as the top exporter in the industry, accounting for 40.8 percent of global exports in 2016.
In the first five months of this year, the U.S. was the largest export market for Vietnamese suitcases, backpacks, and handbags, generating $555 million, a six percent increase over the same period in 2016, the Vietnam News Agency reported on Thursday.
The European Union is Vietnam’s second-largest export market at $365 million, up 8.2 percent year-on-year, according to the same source.
The other three export markets in the top five include Japan at $146.5 million, up 1.7 percent; China at $57.6 million, down 6.8 percent; and South Korea at $52.8 million, down 0.4 percent.