Despite the COVID-19 pandemic’s impact, the wood industry still enjoyed US$3.2 billion in exports in the first four months of 2019, up 6% year on year, thanks to businesses’ efforts to switch to online trading and find new markets.
Wooden furniture manufacturers have been warned that they will face more trade barriers as export markets have applied new policies to restrict imports.
Over the span of 2017 and the first three weeks of 2018, the price of the euro surged, causing mild unease among import-export businesses despite Vietnamese exports to the European Union (EU) hitting $40 billion per year.
Vietnam can export more wood products if it enhances professionalism and the quality of products, according to industry insiders.
The export revenue of timber and woodwork products is projected to reach US$7.4 billion, US$200 million less than the target set for the sector this year.
VOV.VN - The household furniture industry needs to undergo significant changes in the way manufacturers market their brands if they are to survive the onslaught of foreign competition, says the Vietnam Wood and Forestry Products Association (Viforest).
Vietnam's wood industry is expected to gain a total export value of wood and wooden products of US$7.7 billion for this year, higher than US$7.1 billion in 2015.