Foreign investors eye Vietnam’s wood industry
(VOV) -With enormous advantages, Vietnam’s handicraft and timber processing industry is garnering the attention of many foreign investors.
Deputy General Director of Mekong Capital, Chad Ovel, made the remarks at a seminar in HCM City on June 12 where he described Vietnam as a good investment destination with a stable macro-economy, controlled inflation, reasonable credit growth, abundant labour force and promising consumption market.
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He noted that Vietnam is actively engaged in the Trans-Pacific Partnership (TPP) agreement negotiations, which will offer a great opportunity for the local handicraft and timber processing industry to boost its exports in overseas markets, including the US.
Deputy Director Ovel also suggested businesses concentrate on developing high-quality products with higher added value and improving productivity and workers’ skills.
Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) Nguyen Quoc Khanh was optimistic about the wood industry’s future, saying there are bright prospects for exports despite instability in the region and the world.
“Vietnam is emerging as a stable and lucrative market for foreign investors,” he added.
Over the past year, Khanh said, HAWA has reaped success in penetrating the global market and generating higher added value, reducing reliance on imports of manufacturing raw materials.