Wooden product exporters regain growth momentum
Exporters of wooden products regained double-digit growth in the first ten months of 2017 after a growth rate of a slight 1.1% last year, said Huynh Van Hanh, vice chairman of the HCMC Handicraft and Wood Industry Association (HAWA).
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At the Vietnam International Furniture and Home Accessories Fair 2017 (VIFA Home 2017) which kicked off at Phu Tho Indoor Stadium in HCM City recently, Hanh said the high growth rate might be maintained in the final two months of the year.
In January-October, Vietnam exported US$6.21 billion worth of wood and wooden goods, up 11.2% year-on-year, according to the General Department of Vietnam Customs.
Local wood enterprises will boost their exports in the rest of the year, so the sector’s export revenue may reach US$8 billion this year, an increase of 14% over last year.
Vietnamese wooden goods’ quality and designs are highly valued. The country mainly shipped the products to the U.S. (US$2.66 billion), China (US$873 million) and Japan (US$850 million) in the ten-month period.
Many firms have opened new factories and invested heavily in advanced technology to improve their production capacity. They have also employed designers to create new products to increase products’ value.
Vietnam annually spends only US$68 million importing wooden goods, mainly from China.
Domestic wood enterprises have improved their products’ quality and designs, and offered good after-sale services and other services to satisfy customers.
Local demand for wooden products grows by 5-6% a year and most of the products are used in high-end hotels and resorts.
