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.
After reaching $8 billion worth of export turnover, Vietnam’s wooden furniture manufacturing enterprises are now entering the high-end market segment.
At the beginning of second quarter, but now most wood processors and exporters have "ripped" export orders until the end of the year. However, the concern and anxiety of the whole industry is how to handle enough raw material wood.
Enterprises planting forests and supplying, processing, trading and exporting wood and wooden products will be classified into two groups: compliance and non-compliance with the law in line with Vietnam’s timber legality assurance system (VNTLAS).