For every one million USD of exports of Vietnamese handicrafts, the profit is 5-10 times higher than that of the mining industry. Ambitiously, the industry aims to achieve an export turnover of five billion USD by 2025.
According to the Ministry of Industry and Trade, the export turnover of Vietnamese handicrafts in recent years has always been in the group of 10 largest export items. Moreover, the handicraft industry has played an important role in the structural transformation of the rural economy. Especially, the industry attracts many workers to participate in exporting goods, contributing to poverty alleviation in rural areas.
According to statistics of the Vietnam Handicraft Exporters Association, the profit of Vietnam handicraft export industry is 5-10 times higher than that of the mining industry, creating jobs for 3 – 5 thousand workers. Therefore, Vietnamese handicrafts are classified as products with great export potential and high profit rates. In addition, exports of this product generate significant added value. It is likely to become one of the key industries driving export growth in the coming years.
Vietnamese handicraft products have been present in 163 countries and territories around the world. The export turnover in the period 2015-2019 increased by an average of 9.5% per year, from 1.62 billion USD (2015) to 2.23 billion USD (2019). The US is the largest consumption market for Vietnamese handicraft products, which accounts for 35% of the total value.
Vietnam handicraft exports mainly include 5 groups: Bags, wallets, suitcases, hats, umbrellas, umbrellas; toys, sports equipment and parts; ceramic goods; rattan, bamboo, sedge, carpet products; art wood.
Besides, many fashion items and gifts have been exported locally through serving the shopping needs of foreign visitors to Vietnam. These items account for more than 15% of total spending value. However, Vietnam’s local export market has not been strategically focused in recent years.
Also, according to the Ministry of Industry and Trade, one of the basic solutions for sustainable development of the Vietnam craft products is to improve the commercial value of products and develop export markets to ensure stable output for handicrafts.
At each international fair, Vietnamese craft enterprises have directly connected with an average of about 500 customers, in which many potential customers who have been buying goods in the region.
It is believed that Vietnam’s process of international economic integration is opening up a lot of opportunities and challenges for Vietnam’s handicraft enterprises. Therefore, for Vietnam’s handicraft industry to expand, it should establish a clear export strategy for the 2021–2025 period. This strategic direction will help strengthen the industry’s long-term competitiveness and growth.
Also, the industry should improve export capacity on the basis of the value chain of Vietnamese handicrafts. Based on product groups with competitive advantages, the industry should focus on the mid-range and high-end market segments. This approach will help increase the value of Vietnam’s handicraft exports.
Vietnamese source: https://vnbusiness.vn
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