# Exploring Trends and Opportunities in Vietnam’s Footwear Market

- Link: https://www.thailand-business-news.com/asean/vietnam/164412-exploring-trends-and-opportunities-in-vietnams-footwear-market
- Published: 2024-10-03T09:40:00+07:00
- Author: ASEAN Briefing

**Vietnam’s footwear market is growing due to urbanization and an expanding middle
class. By 2030, it may rank 10th globally, with rising demand for quality and sustainable
products.**

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## Key Points

 * Vietnam’s footwear market is experiencing steady growth due to an expanding consumer
   base and rising middle class. By 2030, the market is projected to reach $2.49
   billion, reflecting a compound annual growth rate of 5.58% from 2024 to 2028.
 * Increased urbanization is expected, with over half the population living in urban
   areas by 2040, enhancing consumer buying power. This urban growth, combined with
   a projected increase in the middle class, will create significant opportunities
   for both local and international brands.
 * As consumers seek high-quality imported goods, there’s a rising preference for
   sustainable footwear. Brands must adapt to these evolving trends and enhance 
   their competitiveness through innovation and improved quality to tap into expanding
   market opportunities in Vietnam.

The footwear market in Vietnam is experiencing significant growth, fueled by an 
expanding middle class, increasing urbanization, and shifting consumer preferences.
By 2030, Vietnam is poised to become the world’s 11th largest consumer market, boasting
a consumer base of 80 million, reflecting a 34% increase from 2024. HSBC anticipates
that this growth trajectory may see Vietnam surpass established markets like Germany
and the UK, as an increasing number of people earn more than $20 per day in purchasing
power parity terms.

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Urbanization is a key driver of this expansion, with projections indicating that
over half of the Vietnamese population will reside in urban areas by 2040. Major
cities such as Ho Chi Minh City and Hanoi are at the forefront of this shift, contributing
to improved living conditions and a burgeoning middle class that positions Vietnam
favorably compared to other ASEAN nations. The middle class is expected to swell
to 56 million by 2030, marking Vietnam as one of the fastest-growing regions in 
this demographic.

The footwear market specifically is anticipated to grow at a compound annual growth
rate (CAGR) of 5.58% from 2024 to 2028, driven by low labor costs and favorable 
trade agreements. The market is dominated by textile footwear, with revenue projections
of up to $2.92 billion by 2028. Competition in this space is intense, with local
brands like Bitis and Juno competing against international giants like Nike and 
Adidas.

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Importantly, consumer preferences are evolving, with a marked shift towards high-
quality imported goods, particularly from developed economies, and a growing interest
in sustainable footwear options. The market share for sustainable products is projected
to increase significantly, reflecting heightened environmental awareness among consumers.
This changing landscape presents a wealth of opportunities for both international
brands and domestic manufacturers who can innovate and enhance product quality to
meet consumer demands. Consequently, Vietnam’s footwear market emerges as a promising
arena for investment and development in the years ahead.

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  |  This article was first published by _[Vietnam Briefing](https://www.vietnam-briefing.com) _, which is produced by [Dezan Shira & Associates](https://www.dezshira.com/). The firm assists foreign investors throughout Asia from offices [across the world](https://www.dezshira.com/office), including in in [China](https://www.dezshira.com/office/china), [Hong Kong](https://www.dezshira.com/office/hong-kong.html), [Vietnam](https://www.dezshira.com/office/vietnam), [Singapore](https://www.dezshira.com/office/singapore.html), and [India](https://www.dezshira.com/office/india) . Readers may write to [info@dezshira.com](https://www.thailand-business-news.com/asean/vietnam/info@dezshira.com) for more support. |

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