According to the Vietnam Leather and Footwear Association (Lefaso), in the first six months of this year, Vietnam’s footwear exports to France earned nearly US$274 million, a 1.6 percent increase compared to the same period last year. At present, footwear is one of the country’s five main exports to the French market and leads other industries in export turnover.

Footwear is one of the few commodities Vietnam exports to France that can take advantage of foreign exchange rates, as it pays for the import of raw materials in USD, but brings home profits from sales in Euros, Lefaso said, adding that this has contributed to this major growth in export.

The association also said that Vietnam has many opportunities to increase bilateral trade in the near future, especially after a recent visit by a delegation of French leather businesses to Ho Chi Minh City to study the market and opportunities for joint venture with Vietnamese partners.

The Vietnamese footwear industry imports 80 percent of its raw materials, making it a prime potential market for the French leather sector. The visit gave the French companies a chance to underline the quality of their raw materials and top class semi-finished products before Vietnamese manufacturers.

Martine Dufournet, a representative from the French business delegation, gave the nod to Vietnam’s leather and footwear products, saying that they are of good enough quality to export to Europe and America.

Two-way trade between Vietnam and France has grown to an annual growth rate of 25 percent since they set up diplomatic ties 20 years ago and Vietnam has maintained a trade surplus with this market since 1997.

In the first six months of this year, two-way trade exceeded US$1.1 billion, with Vietnamese goods accounting for US$635 million, up by 9 percent over the same period last year.