Vietnam’s Ministry of Industry and Trade recently discussed a proposal to establish a centre for creating, storing, and trading raw materials for the textile and leather footwear industries. The centre is expected to launch by 2025, according to the Vietnam News Agency (VNA).

Deputy Trade Minister Phan Th? Thang emphasised the need to reduce reliance on imported materials, which currently come from countries like China and South Korea. The textile and leather industries, key to Vietnam’s economy, generated nearly $30 billion in export turnover in the first half of 2024 and employ around five million people.

The privately-funded centre will improve material traceability, ensure high-quality standards, and provide a platform for global suppliers.

Field trips are planned to learn from successful models abroad.