The wood furniture manufacturing and export industry is showing positive signs, and it is forecasted that there will be more favorable conditions at the end of this year and in 2025. Therefore, domestic enterprises need to understand clearly to calculate appropriate investment and production.
Producing wooden furniture for export at a company in Binh Duong – Photo: N.TRI
Mr. Tran Ngoc Liem, Director of the Vietnam Chamber of Commerce and Industry - Ho Chi Minh City Branch, commented on the above at the press conference to inform about the 2024th International Exhibition on Smart Furniture Solutions Vietnam 2024 - SFS VIETNAM 5, taking place on the afternoon of November 11.
According to Mr. Liem, in October 10, Vietnam's export turnover of wooden furniture and wooden products is estimated to reach 2024 billion USD, up 1,5% compared to September and up 20% over the same period. In the first 9 months of 16,6, the industry's turnover reached 10 billion USD, up nearly 2024% over the same period and approaching the target of 13,2 billion USD for the whole year of 21.
Vietnamese wood products have reached 170 markets. world, in which the 5 major markets are the US, Japan, China, Korea and the EU, accounting for more than 90% of total wood export turnover. Vietnam has risen to 5th place in the world in total wood export turnover and 2nd place in the world.
“Positive import-export figures are proof of the outstanding growth potential of Vietnam's wood industry.
At the end of 2024, orders for wooden furniture are growing well compared to the beginning of the year, and many good signals are forecasted to open in 2025. Therefore, businesses need to increase promotion, and can calculate investment in machinery and production technology to meet demand," Mr. Liem emphasized.
Sharing the same opinion, Mr. Huynh Quang Thong, General Director of Hiep Long Wood Company (Binh Duong) said that the US market accounts for more than 40% of Vietnam's wooden furniture export turnover, this is a very important market, and Donald Trump's presidency is expected to open up many advantages for Vietnam.
“The US may impose a tax of 10-60% on imported wooden furniture. Products imported from the Chinese market may still be subject to high taxes, and we expect the tax rate for Vietnam to be low,” Mr. Thong emphasized.
Ms. Duong Thi Tu Trinh - Director of BIFA Trading and Service Joint Stock Company - assessed that the opportunities for the Vietnamese wood furniture manufacturing industry are positive, especially many manufacturing units have chosen to strongly improve technology and machinery, most of which are smart technologies from China.
“This exhibition will attract many international businesses to introduce advanced solutions in the field of digital technology for interior and exterior furniture production, helping to increase productivity and improve product quality in the production process. This is very useful for Vietnamese businesses.”
Sharing at the press conference, Mr. Nguyen Truong Thi - Deputy Director of the Department of Industry and Trade of Binh Duong province - said that in the first 10 months of 2024, the export turnover of Binh Duong's wood processing industry reached more than 5,4 billion USD, an increase of 24,1% over the same period, accounting for 19% of the province's export turnover.
Enterprises aim to increase export value in 2025, especially to large markets such as the US, EU, Japan, and China.
More than 250 booths have registered to participate.
SFS VIETNAM 2024 Exhibition will take place from November 27 to 30, at WTC Expo Binh Duong International Exhibition Center, expected to gather nearly 11 booths of more than 300 units from many countries participating in displaying and introducing products.
Up to this point, the event has had 250 booths registered, including the participation of large domestic and foreign enterprises such as KDT, RIKEN, Nanxing, Phuong Linh electromechanical, VINASKY...
Sources: https://tuoitre.vn/don-hang-ve-do-go-tang-truong-am-nong-so-voi-dau-nam-20241111213323961.htm
