Bright prospects ahead for local wood furniture industry in remainder of year

The association stated that local businesses in the wood processing industry are trying to speed up production activities amid increasing demand for orders from international buyers ahead in the remaining months of the year.

Statistics released by the Ministry of Industry and Trade reveal that there remains plenty of room for wooden furniture exports to grow moving forward as major consumer markets such as the United States, the UK, France, and the Netherlands have all increased their purchases by roughly 50% against the same period from last year.

During a recent webinar on Vietnam Furniture Supply Chain Recovery Plan, Bui Thanh An, deputy director of the Vietnam Trade Promotion Agency, noted that international buyers have highlighted the local wood industry’s resilience amid the complicated nature of the COVID-19 pandemic.

She added that various associations and relevant organisations have been also proactive in providing support and devising orientations for local firms.

Benjamin Petlock, senior agricultural attaché from the US Embassy in Vietnam, said that Vietnamese furniture products have received positive feedback in the US market, noting that there are bright prospects in relation to import-export activities between both two sides in the near future.

Experts believe that, despite challenges caused by COVID-19 resulting in global supply chain disruption, high transportation costs, and raw material prices, supply chains will be re-established rapidly as countries have devised clearer strategies to live safely with the pandemic.

Several local businesses have therefore seized upon the opportunity to adapt to the “new normal” situation by retaining workers, seeking a stable source of raw materials, and applying modern machinery to reduce dependence on human resources with the aim of improving overall product quality.