Illustrative image (Source: VNA) The industry has seen a slight growth in the first quarter, with export revenue ofwood and wooden furniture rising 3 percent year on year to 3.94 billion USD.
Nguyen Chanh Phuong, Vice Chairman of the Handicraft andWood Industry Association of Ho Chi Minh City (HAWA) said that Vietnamese firmshave benefited from free trade agreements such as the EU-Vietnam FTA (EVFTA)and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), which enabled them to expand their market and improve the competitiveness of theirproducts.
The export of wooden furniture to markets covered by the CPTPP has surged, hesaid, adding that further growth is forecast to continue in thefuture as many companies are speeding up production to deliver the orders they have received for the second quarter.
Thanks to the CPTPP, Vietnam has enjoyed many advantages in the US, Australia,Canada, the Republic of Korea and Japan, he noted, lauding domestic firms’efforts to increase added value for their products, form material regions andset up production chains.
If the sector maintains its average export revenue of about 1.5 billion USD permonth, its target of 16.5 billion USD for this year is completely reachable, hesaid.
Duong Thi Minh Tue, Business Manager of Minh Duong Furniture JSCsaid that along with orders that the firm has received for the third quarter, more are coming in for the fourth quarter of this year.
However, she said that furniture exporters are facing many difficulties,especially high logistics costs.
Bui Thi Thanh An, Deputy Director of the Ministry of Industryand Trade (MoIT)’s Vietnam Trade Promotion Agency (Vietrade) said that in orderto motivate the sector’s growth, the agency has coordinated with other partiesto implement many trade promotion activities to help local firms access moremarkets and service supply sources.
Amid impacts from the fluctuations in input costs on thewood sector, a project to boost the sustainable and effective growth of the sectorin the 2021-2030 period was approved in March, which sets a target of bringing Vietnam’s exports of woodand wooden products to 18.5 billion USD in 2025 and 20.4 billion USD in 2030.
The 2021-2030 project on the wood processing industry’s sustainable developmentaims to turn the sector into a key economic industry and promote the trademark ofVietnamese wood products domestically and internationally.
Allwood and wooden products for export and domestic consumption are expected tosource from legal wood materials with sustainable forest managementcertification.
Nguyen Chanh Phuong, Vice Chairman of the Handicraft andWood Industry Association of Ho Chi Minh City (HAWA) said that Vietnamese firmshave benefited from free trade agreements such as the EU-Vietnam FTA (EVFTA)and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), which enabled them to expand their market and improve the competitiveness of theirproducts.
The export of wooden furniture to markets covered by the CPTPP has surged, hesaid, adding that further growth is forecast to continue in thefuture as many companies are speeding up production to deliver the orders they have received for the second quarter.
Thanks to the CPTPP, Vietnam has enjoyed many advantages in the US, Australia,Canada, the Republic of Korea and Japan, he noted, lauding domestic firms’efforts to increase added value for their products, form material regions andset up production chains.
If the sector maintains its average export revenue of about 1.5 billion USD permonth, its target of 16.5 billion USD for this year is completely reachable, hesaid.
Duong Thi Minh Tue, Business Manager of Minh Duong Furniture JSCsaid that along with orders that the firm has received for the third quarter, more are coming in for the fourth quarter of this year.
However, she said that furniture exporters are facing many difficulties,especially high logistics costs.
Bui Thi Thanh An, Deputy Director of the Ministry of Industryand Trade (MoIT)’s Vietnam Trade Promotion Agency (Vietrade) said that in orderto motivate the sector’s growth, the agency has coordinated with other partiesto implement many trade promotion activities to help local firms access moremarkets and service supply sources.
Amid impacts from the fluctuations in input costs on thewood sector, a project to boost the sustainable and effective growth of the sectorin the 2021-2030 period was approved in March, which sets a target of bringing Vietnam’s exports of woodand wooden products to 18.5 billion USD in 2025 and 20.4 billion USD in 2030.
The 2021-2030 project on the wood processing industry’s sustainable developmentaims to turn the sector into a key economic industry and promote the trademark ofVietnamese wood products domestically and internationally.
Allwood and wooden products for export and domestic consumption are expected tosource from legal wood materials with sustainable forest managementcertification.
Toward these targets, a key task of the project is to develop infrastructureand expand production scale. As such, it will work to form five high-techforestry areas, attracting investment from wood processors and auxiliarymaterials producers. It also eyes the building of a national furnitureexhibition centre and encourages the establishment of centres for research anddesign of wood products catering to consumers’ demand.
Another task is to develop groups of products withcompetitive advantages, value added, and high and stable demand in the market.Those prioritised for production include furniture, outdoor furniture, andartificial wood plank products, among others.
The project is expected to create optimal conditions for thesector to further expand in the future./.
Another task is to develop groups of products withcompetitive advantages, value added, and high and stable demand in the market.Those prioritised for production include furniture, outdoor furniture, andartificial wood plank products, among others.
The project is expected to create optimal conditions for thesector to further expand in the future./.
VNA
