Wood exports poised to exceed target despite market challenges
Vietnam eyes to ship 15.2 billion USD worth of wood products abroad this year. (Photo: VNA) |
According to Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi Minh City Nguyen Chanh Phuong, the US now accounts for 54% of the Vietnamese wood exports. However, it presents ongoing challenges with import taxation policies that keep businesses on their toes.
Firms in key wood producing localities like Binh Duong, Dong Nai, and Binh Dinh have been active in seeking market opportunities.
Chairman of the Binh Duong Furniture Association Nguyen Liem highlighted the efforts of local firms to bolster shipments, including making innovative product designs that are attracting international customers and pivoting to e-commerce channels, demonstrating flexibility in their sales strategies.
Meanwhile, enterprises in Dong Nai province have sold their products to 50 countries and territories, with major markets being the US, the EU, Japan, the Republic of Korea, and China. Since the outset of the year, the locality’s wood export value has already reached 1.3 billion USD, a year-on-year increase of 14.3%.
Additionally, insiders have advocated for stronger domestic market development. Chairman of AA Corporation Nguyen Quoc Khanh said the domestic interior market, comprising furniture and building materials, is estimated at some 10 billion USD. With a population of 100 million and a growing middle class, the domestic market presents significant untapped potential.
Vice Chairman of the Vietnam Interiors Association Vu Hong Cuong said domestic producers are struggling to establish strong design identities and brands, adding while high-end products have been imported from Europe, mid-range and budget segments lack impressive design styles.
He suggested besides export markets, enterprises should tap into the domestic one and set up a firm foothold here.
In the meantime, Chairman of the Vietnam Timber and Forest Product Association Do Xuan Lap emphasised the need for businesses to better their competitive edge through five pillars of production technology, low-emission manufacturing, management, trade promotion, and internal monitoring standards./.
See also
Electronic traceability for seafood products boosts transparency for export
10:13 | 27/11/2024 Trade
See more news
Da Nang strives to early pilot free trade zone model
17:19 | 26/11/2024 Trade
Việt Nam spends more than $10 billion to import record volume of steel
10:49 | 26/11/2024 Trade
PM orders strengthened state management over e-commerce
10:41 | 26/11/2024 Trade
Online Friday contributes to Vietnam’s e-commerce development
16:52 | 25/11/2024 Trade
Vietnam’s rice exports already exceed 8 million tonnes
15:57 | 25/11/2024 Trade
Vietnam listed among world’s top 30 largest exporters
15:52 | 25/11/2024 Trade
Vietnam, Bulgaria look toward new height in trade volume
09:54 | 25/11/2024 Trade
Vietnam balances supply and demand to prepare for Tet shopping season
16:47 | 24/11/2024 Trade
UKVFTA gives advantages to Vietnamese fishery products in the UK, urging focus on quality for further expansion
09:52 | 23/11/2024 Trade
Fresh Vietnamese coconut exports to US skyrocket
16:00 | 22/11/2024 Trade
Lunar New Year holiday to span nine days
10:32 | 27/11/2024 Policy
Vietnamese, Chinese border localities boost education cooperation
10:25 | 27/11/2024 Society
Vietnam’s real estate market among most promising in Asia-Pacific: Knight Frank
10:25 | 27/11/2024 Economy
Việt Nam, Denmark strengthen cooperation for green, sustainable future
10:21 | 27/11/2024 Cooperation
Businesses struggle to export products without carbon emissions reduction plans, say forum experts
10:20 | 27/11/2024 Economy
Multimedia
Vietnam, Bulgaria strengthen traditional friendship and multifaceted cooperation
08:56 | 26/11/2024 Infographic
Banning motorbikes - a complex issue
09:32 | 24/11/2024 Society
Strengthening Vietnam-Cambodia friendship and cooperation
09:00 | 22/11/2024 Infographic
Vietnam - Malaysia Strategic Partnership
10:54 | 21/11/2024 Infographic
Vietnam, Dominican Republic strengthening cooperation
08:45 | 20/11/2024 Infographic
Lunar New Year holiday to span nine days
10:32 | 27/11/2024 Policy
Party Central Committee concludes 13th Conference with major resolutions for reform and national development
16:37 | 25/11/2024 Policy
New decree on using telecommunications accounts for payment proposed
09:29 | 22/11/2024 Policy
Parliament approves amendments to pharmacy law
08:54 | 22/11/2024 Policy
Vietnam seeks Danish assistance in green energy development
11:21 | 26/11/2024 Energy
Huge potential for VN, UK to boost cooperation in clean energy
15:29 | 25/11/2024 Energy
Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth
20:42 | 22/11/2024 Industry
VN's food processing industry struggles to improve quality and value chain integration
11:36 | 22/11/2024 Industry
Japanese retailer Aeon to break ground on 4th shopping mall in Northern Vietnam
15:54 | 25/11/2024 Investment
Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh
16:58 | 22/11/2024 Investment
Workshop seeks ways to attract Japan’s green investment to Vietnam
09:43 | 20/11/2024 Investment
Government approves investment policy to build Cam Lien Industrial Park in Quang Binh
16:57 | 18/11/2024 Investment
Bac Ninh Province meets business needs for year-end loans
17:02 | 26/11/2024 Finance-Banking
Promoting credit for key agricultural sectors in Mekong Delta
11:11 | 25/11/2024 Finance-Banking
HDBank wins three awards at Vietnam Listed Company Awards 2024
10:53 | 21/11/2024 Finance-Banking
VIB, Flywire partner to streamline cross-border payments for students from Vietnam
16:46 | 18/11/2024 Finance-Banking
Businesses support Vietnam’s net zero target
16:18 | 25/11/2024 Environment
Prolonged rainfall and landslides disrupt life in central region
15:43 | 25/11/2024 Environment
Tough negotiations to prevent Earth’s warming
10:38 | 24/11/2024 Environment
MoT view on raising emission standards for scooters from 2027
19:46 | 23/11/2024 Environment
Global experts delve into earth, environmental sciences at int’l Vietnam confab
09:59 | 27/11/2024 Science - Technology
TECHFEST Vietnam 2024 crowns winners for innovation in healthcare and sustainability
17:06 | 26/11/2024 Science - Technology
MoU signed to foster Vietnam-Canada cooperation in science, technology
17:04 | 25/11/2024 Science - Technology
First Vietnamese scientist named at UK’s TechWomen 100 Awards
17:00 | 25/11/2024 Science - Technology
Vietnamese, Chinese border localities boost education cooperation
10:25 | 27/11/2024 Society
HCM City’s first metro line set to commence operations next month
09:04 | 27/11/2024 Society
Promoting green consumption
17:14 | 26/11/2024 Society
VND320-billion stopover to be built on North-South Expressway’s Quy Nhon - Chi Thanh section
17:00 | 26/11/2024 Society
Phú Xuyên a land of hundreds of timeless crafts
10:12 | 27/11/2024 Vietnamese Brands
Dong Thap diversifies lotus products
09:34 | 26/11/2024 Vietnamese Brands
Top 10 reputable pharmaceutical, medical supply companies in 2024 announced
09:17 | 26/11/2024 Vietnamese Brands
The essence of Chuon Ngo Mother-of-Pearl Inlay Village
16:42 | 25/11/2024 Vietnamese Brands
Vietnamese students promote cultural heritage in Australia
10:05 | 27/11/2024 Culture
Young boy takes top prize at writing contest
09:49 | 26/11/2024 Culture
Hà Nội Culinary Culture Festival 2024 to take place this month
09:45 | 26/11/2024 Culture
Long An's 2nd Culture, Sports, Tourism Week to kick off in late November
16:49 | 25/11/2024 Culture
Community tourism transforms livelihoods in remote areas
09:55 | 27/11/2024 Tourism
Vietnam’s stunning Golden Bridge, Ba Den Mount on British publication
09:49 | 27/11/2024 Tourism
India to promote Ninh Binh’s tourism potential
09:36 | 27/11/2024 Tourism
Vietnam welcomes first group of 400 Chinese tourists on charter train
09:41 | 26/11/2024 Tourism