"In the next 10 years, wood processing and export must become a key industry in Vietnam's production and export, and Vietnam will become a prestigious leading centre for woodwork production and export of the world," said Prime Minister Nguyen Xuan Phuc at the conference “Orientations and solutions for fast and sustainable development of wood processing and export". This is the first National Conference on wood processing and export held in Ho Chi Minh City.
The agriculture sector needed strategies to push wood export value beyond US$11 billion this year and to develop a production chain and value-added export products.
Vietnam may face United States tariffs on its products if Chinese goods shipments are allowed to enter the country to disguise their origin due to the ongoing U.S.-China trade conflict, economic experts warned at a seminar today, October 24.
Wood industry players in Vietnam are expected to make leaps and bounds to help make Vietnam become the world’s second largest interior furniture exporter, after China, within the next 7-8 years, given that the European Union-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), are to come into effect next year, offering them ample opportunities.
Though the CPTPP has yet to take effect, the number of orders from CPTPP countries, including Canada, Japan, New Zealand, Australia and Peru, has increased significantly.
Despite the constantly strong growth posted by the wood industry over the past few years, wood enterprises are aiming for a higher target: sustainable development, environmental protection and greater export turnover through higher added value.
The Vietnam wooden processing industry is facing great opportunities in terms of the trend and market as well as the potential production of the domestic enterprises. Unless grasping promptly, Vietnam will lose the market to other countries in the region.
Viet Nam and Austria have enjoyed fine developments in all fields, especially economic cooperation.
The furniture industry aims to achieve sales of US$20 billion by 2025 and move from doing mainly sub-contract work to original design.
Vietnam sees wood and wood works as a spearhead industry, earning export revenues of $18-20 billion by 2025.