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Many international businesses participate in trade promotion to seek import orders from Vietnamese businesses. |
The Ministry of Industry and Trade announced on September 19 that between September 20 and September 23, 320 domestic and international businesses in the wood processing industry will gather in Ho Chi Minh City to boost trade and strengthen their procurement of wood products from Vietnamese companies.
This program is part of the Vietnam International Woodworking & Furniture (VietnamWood 2023), taking place at the Saigon Exhibition and Convention Center (SECC) in District 7, HCMC. The event is being orchestrated through a collaboration between the Ministry of Industry and Trade, the HCMC Handicraft and Wood Processing Association, and relevant units.
According to Mr. Nguyen Chanh Phuong, Vice Chairman of the HCMC Handicraft and Wood Processing Association, the export turnover of wood and wood processing products in August 2023 exceeded US$1.1 billion. It indicates a positive recovery trend in Vietnam's wood export situation after a significant decline caused by businesses facing challenges in accessing orders.
The participation of more than 320 businesses, the majority of which come from 28 countries and territories such as China, Germany, Italy, India, Indonesia, Japan, South Korea, Malaysia, Singapore, Taiwan, Thailand, and the US, to seek sources of wood products in Vietnam will be an opportunity for businesses to enhance their ability to access export orders for the fourth quarter of 2023 and the first quarter of 2024.
Businesses in the industry are also experiencing a surge in new orders and have initiated overtime shifts for their employees or are hiring additional workforce.
Ms. Judy Wang, Chairwoman of Yorkers Trade & Marketing Service Co., Ltd., further mentioned that, besides increasing the supply of wood and wood processing products from Vietnamese businesses, many companies from Japan, Europe, and the US, will introduce technologies, wood processing production lines, and smart factory solutions aimed at reducing product defects and improving overall production efficiency. In fact, there is a substantial demand for machinery and equipment for reinvestment within the Vietnamese wood industry, estimated at approximately $240 million, mainly from China, Europe, South Korea, and Japan.
Vietnam ranks as the world's fifth-largest wood exporter, with an estimated export turnover of $1.4 billion in 2023, significantly below the annual target of $17 billion set at the beginning of the year.
