Vietnamese handicrafts aim to reach five billion USD of export value by 2025

Vietnamese handicrafts for export

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.

Vietnamese handicrafts for export
Vietnamese handicrafts for export

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, the export turnover of this item brings great added value and it will be the key industry to focus on developing exports 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.

Phu Vinh bamboo and rattan craft products
A rattan product of Phu Vinh village

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.

Processing handicraft products in Vietnam
Processing handicraft products in Vietnam

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.

Vietanmese handicrafts: Rattan products
Vietnamese handicrafts: Rattan products

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, in order for Vietnam’s handicraft industry to strongly reach out to the world, the handicraft industry should determine the strategic direction of handicraft export in the 2021-2025 period.

Also, the industry should improve export capacity on the basis of the value chain of Vietnamese handicrafts. On the basis of focusing on product groups with competitive advantages, the industry should focus on the mid-end and high-end market segments.

Vietnamese source: https://vnbusiness.vn