China’s wooden furniture exports to the US and EU are declining, while Japan and South Korea are importing more from Vietnam.
"The European Union (EU) is one of the major markets for Vietnam’s woodworks and handicrafts with an export turnover of US$741.8 million in 2016. In particular, export growth prospects of furniture and handicrafts in the EU market are forecast to be more positive for 2017." This is information presented by Ms Bui Thi Thanh An, Deputy Director of the Trade Promotion Agency (Viettrade),Ministry of Industry and Trade at the workshop "Promoting furniture & handicraft exports to the European market" recently held in Ho Chi Minh city.
Once the EU-Việt Nam Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA-FLEGT) comes into force, there will be opportunities for Việt Nam to export more wooden products to Europe and other markets, delegates told a seminar in HCM City on Tuesday.
Export turnover of wood and wooden products in Vietnam is expected to reach $8 billion this year.
The EU and Vietnam conclude negotiations on a Voluntary Partnership Agreement (VPA) on Forest Law Enforcement, Governance and Trade (FLEGT).
The negotiations regarding the expansion of wood and wood products exports from Vietnam to Europe might be completed by the end of 2016.
Vietnam is forecast to exceed its target of earning 7.5 billion U.S. dollars from wood exports in 2017, according to local experts on Thursday.
Vietnam’s exports of wood and wood products hit $1.78 billion in the first quarter of 2017, a year-on-year increase of 17.1 percent. China leads in exports overall, and China and Canada dominate kitchen cabinet exports to the U.S.