Suitcase factory: Impressive Milestones Of Vietnam Suitcase Quality In 2022
In recent years, Vietnam suitcase quality and bag manufacturing industry is making strong strides. The industry’s resilience has brought the economy more solid steps. Not only in the country, many foreign enterprises also come to rent adjacent factories for production. This makes the market for suitcases and bags become more exciting than ever. The following article will highlight the impressive milestones of the quality of Vietnamese suitcases.
The increasing position of the suitcase manufacturing industry in Vietnam
Vietnam has become a “big man” in the industry, chosen by many big brands to set up factories. Export value of backpacks, suitcases and bags in the past year reached 3.5 billion USD. According to the Vietnam Leather, Footwear and Handbag Association (Lefaso), Vietnam is currently ranked 5th among the 10 largest exporters of backpacks, suitcases and handbags in the world. Industry products account for 5.4% of the share of global supply. Vietnam has contributed $3.2 billion from the export of backpacks, suitcases and bags of all kinds. The outstanding result is exporting to 10 largest consumption markets today.
In the past 5 years, this industry has had an average annual growth rate of 10-15%. This is an impressive increase, confirming the quality of the industry’s goods.
Not only that, the domestic market of bags and suitcases has recently had a spectacular change. Domestic suppliers have a strong rise. In the adjacent factory areas , the number of enterprises producing suitcases appears more. Businesses have adapted quickly to produce new products that are suitable for the needs and tastes of consumers.
Development prospect of suitcase consumption market in Vietnam
According to LEFASO, in 2016, the world consumed about 2.5 billion backpacks and bags with a value of more than 300 billion USD. The three largest import markets in the world in 2016 were the United States, Hong Kong and Japan. In the future, many Vietnamese products will have the opportunity to increase exports to the US market. Those products include suitcases and bags. This forecast promises to bring the suitcase manufacturing industry more impressive prospects.
Product consumption market
China is the largest exporter of this industry, accounting for 40.8% of total global exports. However, due to the impact of the trade war, export turnover will decrease significantly. China’s suitcase and handbag products are exported to the US for about 7 billion USD. It is forecasted that after the tax is imposed, the turnover will decrease to less than 5 billion USD.
Meanwhile, Vietnam is exporting this group of products to the US worth about 1.14 billion USD. This industry is also in direct competition with products from China. “Vietnamese businesses that export these items to the US will benefit. This is also the reason why many investors turn to Vietnam to produce suitcases.
Product design and Vietnam suitcase quality
Not only that, Vietnamese products have the advantage of designs, quality products, a wide distribution system, and reasonable prices. These are the factors that make Vietnamese bags and suitcases popular and can beat Chinese goods.
Number of enterprises involved in production
Currently, there are 200 enterprises specializing in the production of this item. Moreover, these enterprises will increase rapidly in number. Not only that, domestic enterprises have a strong rise. These include companies such as Hasun Garment and Handbag Co., Ltd., Phu Minh Quang (Qami) Garment and Handbag Co., Ltd., Miti, and Hoang Hai Cap Trading Production Co., Ltd. With a strong force, the proportion of the industry will be more promising in the coming time.
With these achievements, the suitcase manufacturing industry in Vietnam has affirmed its quality. And certainly in the future, there will be more adjacent factories appearing for suitcase production. We hope that investors will make the right investment decisions and bring into full play the internal strength of the industry.
Marina Nguyen
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