Wooden furniture manufacturers have been warned that they will face more trade barriers as export markets have applied new policies to restrict imports.
Wood processing and export businesses of Vietnam hold many opportunities to expand market and increase export value in the time ahead, experts said at a workshop in Ho Chi Minh City on March 7.
Vietnam earned 8 billion USD from exports of wood and timber products last year. The sector is taking full advantage of market and production materials to aim for higher export value this year.
Amid the world’s growing demand for wood products and with many key foreign markets tightening their wood material exports, Vietnam’s wood industry may reach a new record export turnover of US$9 billion this year, thanks to firms’ purchasing the materials from new markets.
Vietnam is Canada’s fourth largest supplier of wood furniture with a market share of 12.9% of the country’s total wood furniture imports.
Besides the certain achievements of wood industry last years, and new opportunities coming from Law on Forestry and free trade agreements, there are various difficulties and challenges this industry has to overcome to reach the target set forth.
Việt Nam’s woodworking industry can expand exports but to expand market share and increase value, it needs to keep pace with market trends and capitalise on opportunities, experts have said.
Vietnam’s wood and wooden product industry has prematurely achieved its export target set for 2020, as the sector ranked among the top ten areas that generated the highest export revenue for the country in 2017, according to statistics announced this week.
Vietnamese enterprises, regardless of size, should use enterprise resource planning (ERP) solutions to optimise their resources and improve their efficiency, heard a seminar organised by the Handicraft and Wood Industry Association of HCM City on January 9.
With robust growth in the wood processing industry in 2017, Vietnam is looking forward to getting a turnover of US$8 billion from exports of wooden furniture in 2018.