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Wood and wood products are currently one of Vietnam’s major exports
(
Update:
26/06/2018
)
(VEN) - Vietnam Trade Office in the US Commercial Counselor Dao Tran Nhan said that together with the economic recovery and the development of the housing market, consumer demand for wooden furniture in the US had been increasing. This offers a valuable opportunity for Vietnam’s furniture exporters.Taking an interest in Vietnam’s wooden furniture
Wood and wood products are currently one of Vietnam’s major exports, ranking behind crude oil, garments and textiles, footwear and seafood. Apart from the US, Vietnam's wooden furniture is available in 120 countries and territories, mainly in the EU, Japan and China.
Vietnam ranks sixth in the world, second in the Asia and first in Southeast Asia in terms of exports of wood and wood products. Vietnam is also one of 10 leading countries exporting wood and wood products to the US. “American importers are tending to import Vietnamese wooden furniture due to improved product quality and diverse designs. In addition, delivery and after-sales services have been also improved. Due to a high tax rate of 21.6 percent for Chinese interior furniture, this is a valuable opportunity for Vietnamese exporters,” Dao Tran Nhan said.
In the first seven months of this year, export turnover of wood and wood products recorded a fairly good growth, reaching US$2.9 billion, an increase of 11.6 percent compared to the same period last year. In particular, wooden furniture exports to the US accounted for one-third of total export turnover. Total export turnover of wood and wood products is expected to reach US$5.5 billion this year.
Many experts predicted that when the Trans-Pacific Partnership (TPP) Agreement takes effect, it would offer the opportunity for a breakthrough for Vietnam’s major exports. Export businesses should take advantage of this valuable opportunity.
Implementing trade promotion activities
Trade promotion activities have been emphasized and implemented in recent times. According to the National Trade Promotion Program for 2013 approved by the Ministry of Industry and Trade, events, trade fairs, exhibitions and seminars in terms of Vietnam’s wood and wood products will be organized. In addition, trade promotion centers, associations and Vietnam trade offices will help Vietnamese furniture manufacturers to search markets and partners.
The Export-Import Department of the Ministry of Industry and Trade cooperated with the Dong Ky Fine Arts Wood Production and Trading Association to organize a workshop on expanding furniture exports to the US, contributing to providing necessary information for export businesses.
The Vietnam Timber and Forest Products Association will cooperate with nuocmy.net to organize the High Point Market 2013 from October 19-24 in High Point City, North Carolina, the US. This event is also included in the National Trade Promotion Program for 2013 approved by the Ministry of Industry and Trade. To create favorable conditions for businesses to display their products, two Vietnamese booths at the fair were supported budget.
Vietnam Timber and Forest Products Association Deputy Chairman Nguyen Ton Quyen said that to penetrate the market, businesses must understand consumer demand in the host country. In addition, businesses should also link together to share important information in terms of the market.
Dao Tran Nhan said that businesses need to pay more attention to designs and prices to avoid anti-dumping lawsuits as well as improve product quality.
Experts also recommended that Vietnam’s wooden furniture exporters should pay more attention to strict regulations on the legal origin of wood. In cases of conflicts and disputes, businesses should immediately notify the Vietnam trade office in the host country and work closely with agencies and international organizations to address the problems./.
By Hoang Hang
